The strength of a nation’s currency is crucial because it affects the purchasing power of its citizens and domestic and foreign trade.
Nigeria experienced its worst recession in 29 years between 2016 and 2017, which was largely caused by oil glut in the global market.
During this period, the naira, which used to exchange for N180 to a dollar, traded for as high as N520 and N525.
Finding ways to rescue the naira fell on the Central Bank of Nigeria (CBN) under the leadership of Godwin Emefiele, governor of the bank.
With inflation already doubled to 18 percent from nine percent, the apex bank made several policies and adjustments to save the face of the Nigerian currency.
All these steps combined with increasing crude oil prices, which increased the level of government income resulted in getting the naira to N365.
Here’s a time of how the average prices of the naira moved all through the year.
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