I. O. OSEMWENGIE

This study examines the impact of government policies on the depreciation of the Nigerian Naira during the regime of General Ibrahim Babangida. The research focuses on the economic reforms introduced under the Structural Adjustment Programme (SAP), which aimed to restructure the Nigerian economy through deregulation, currency devaluation, and trade liberalization. Using a historical and analytical approach, the study evaluates how these policies influenced exchange rate dynamics, inflation, and overall economic stability. Data were obtained from secondary sources, including government publications, Central Bank reports, and scholarly literature. The findings reveal that while the policies were designed to promote economic growth and reduce external imbalances, they significantly contributed to the depreciation of the Naira due to increased market-driven exchange rate mechanisms, reduced government intervention, and rising demand for foreign exchange. Additionally, the study highlights the socio-economic consequences of currency depreciation, such as increased cost of living and reduced purchasing power among citizens. The research concludes that although the reforms had long-term economic intentions, their short-term effects exacerbated currency instability. It recommends the adoption of balanced policy frameworks that combine market efficiency with strategic government intervention to ensure currency stability and sustainable economic development in Nigeria.

Most African states got independence in the period of superpower (United State and the Soviet Union) rivalry for world dominance and fortunately, some post-colonial states in Africa experience civil or internal war during this same period. The civil wars witness huge consequences such as lose of life and property as well as involvement of superpowers for various reasons. In the case of Nigeria, between 1967-1970 the Soviet Union weapons played a key role in the Federal government of Nigeria fight for “one Nigeria’.1 Thus, this long essay will examine the involvement of the superpowers in the Nigeria civil war, 1967-1970. The study will focus specifically on the Soviet Union involvements in Nigeria before the war and during the civil war. It will also examine the motive or reasons for the Soviet Union involvement in the fight for one Nigeria.