DID TINUBU DEVALUED THE NAIRA OR THE NAIRA WAS TIRED OF FAKE LIFE?
Since the introduction of Naira in 1973 till 2023 the currency has always been fixed...
If BAT want the Naira to equal the dollar today ... He would do it with just a press release...
He will only need a hefty foreign reserve to defend it...
NGR defended the Naira successfully till 1980 when the black market became a major player in the FX market...
No NGR leader actually devalued the Naira .... They only tried to place the Naira in a class he doesn't belong to using dollars sometimes borrowed to do that..
In 1980 the dollar was equal to 60kobo in the official market and 90kobo in black market...
The black market has always been the true value of the Naira....
After much defence of the Naira... The Naira was devalued to 90kobo but the black market expanded to N1.70 in the black market...
This hide and seek between the black market and official market continue with billions of dollars wasted in putting naira in a class it doesn't belong over a long period
That gap grew beyond redemption in 1994 when the official rate was N22 and black Market N56
This disparity led NGR Economy to recession as investors abstain from investing in NGR...
The gap was...official rate N22 and black market N84 in 1996...
The cabals of that era simply buy dollar at CBN for N22 and sell to black marketers at N84 making almost 400% profit without selling any goods...
So many of today's billionaires emerged from this huge fraud for over 6yrs to the detriment of NGR Economy...
Obasanjo was forced to end this fraud in 2000 when he allowed the official rate and black market to converge at N86
NGR Economy responded in 2001 when it grew by about 6%
In 2016 the gap grew beyond limit again as official rate was N199 and black market rate was N300... This forced Buhari to merge both rate again at N390 in 2016...
The gap didn't abate he merge it again at N460 in 2022... The black market widened to N780 in 2022...
In all this yrs NGR is projected to have spent almost $500billion in defending the Naira..
BAT merged the rate at N780 in 2023 and left it to be a man of his own without any need to keep borrowing to put it in a class it doesn't belong...
Today that Naira has firmly settled at N1550 to a dollar.... It is hoped that as trade Surplus continue, production increase Naira will start floating back...
