A United States Dollar ($1) was exchange at 90 koboīut by 1993 after the brahim Babaginda†s regime came to an end the Naira has sheded much value and was exchange at 11 naira for $1.Īt this critical point the country had to introduce the bureaux de change. It will be recalled before now (around 70s), the Naira enjoys a better exchange rate against the Dollar. The then administration had no choice rather than to accept the conditionality because of the pressure the Naira and the economy as a whole was under. The Second-Tier Foreign Exchange Market (SFEM) is a product of the IMF which was presented to former President Ibrahim Babaginda†s regime.
President Ibrahim Babaginda†s Second-Tier Foreign Exchange Market (SFEM) In this article, we are going to trace the history of Naira exchange rate to Dollar, how it has fair under previous administration.
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