IMPACT OF PRESIDENT BUHARI'S ECONOMIC POLICIES ON THE NIGERIAN NAIRA (2015-2023)
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Abstract
It would be recalled in 2015, when former President Mohamadu Buhari took over power from the People's Democratic Party, (PDP), the nation was at it's precipice. Some pundits believed that the "saviour" had come as there was high volume of insecurity across the nation, particularly in the North East and other parts of the North. People could hardly move from one location to the other across the country for fear of kidnapping as well as other terrorist attacks. It was at the beehive of these social societal ills that President Buhari came with the mantra of "Change" which encompassed a four point agenda of: fighting insecurity, revamping the economy, fight the dreaded monster of corruption, and alleviate poverty.ยน All these were in a bid to enact commiserate policies that would reposition the naira. Recall also, in his campaigns he actually promised Nigerians that he was going to bring the naira to exchange for one naira to one U.S. Dollar, which was at that time was exchanging for between 150-170 naira to a dollar. It is pertinent to state here at this juncture that in 2023, when Buhari was leaving office and handing over to another APC government, the naira was exchanging for over 750 naira to a dollar in the parallel market and about 600 in the official market.
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