Senator Urhoghide, Emefiele, Aboki FX and the “voodoo economy” Tinubu inherited
AI Executive Briefing
Verified Synthesis~176s readLong before President Bola Ahmed Tinubu assumed office, economists had questioned the sustainability of Nigeria’s multiple exchange-rate arrangements. In that strange economic arrangement, access was everything, production was secondary, and the difference between two exchange rates could make a man richer than years of honest enterprise.
Context & Background
- ✦For years, Nigeria operated multiple foreign exchange windows alongside a parallel market.
Key Figures & Named Entities
₦450:A person who obtained one million dollars at ₦450 per dollar and resold the same amount at ₦750 would realise a difference of ₦300 million.2021:Then came September 2021.naira.:Former Statistician-General Yemi Kale advocated collapsing the different exchange-rate windows to allow demand and supply to play a greater role in determining the value of the naira.
Outlook & Next Steps
Follow original publisher reporting for subsequent developments, official responses, and verified updates.
Key Takeaways
Verified Extract- Long before President Bola Ahmed Tinubu assumed office, economists had questioned the sustainability of Nigeria’s multiple exchange-rate arrangements.
- In that strange economic arrangement, access was everything, production was secondary, and the difference between two exchange rates could make a man richer than years of honest enterprise.
- For years, Nigeria operated multiple foreign exchange windows alongside a parallel market.
Key Facts:₦450: A person who obtained one million dollars at ₦450 per dollar and resold the same amount at ₦750 would realise a difference of ₦300 million.2021: Then came September 2021.naira.: Former Statistician-General Yemi Kale advocated collapsing the different exchange-rate windows to allow demand and supply to play a greater role in determining the value of the naira.2023: What happened in June 2023 was that the government moved to unify the official foreign exchange windows.
Editorial Excerpt
By John Mayaki There was a time in Nigeria when the easiest way to make money was not necessarily to produce anything. Not to establish a factory, cultivate a farm, manufacture goods or export commodities. It was to know where to obtain the dollar cheaply and where to sell it dearly.
Frequently Asked Questions About This Story
What is the latest development regarding All Progressives Congress?
Long before President Bola Ahmed Tinubu assumed office, economists had questioned the sustainability of Nigeria’s multiple exchange-rate arrangements.
Who are the key organizations or public figures mentioned?
The primary parties identified in this coverage include All Progressives Congress, National Assembly of Nigeria, Lagos State.
What timeline or key figures were confirmed?
A person who obtained one million dollars at ₦450 per dollar and resold the same amount at ₦750 would realise a difference of ₦300 million.
