Nigeria: Deliberate devaluation of the Naira
Description
According to numerous and consistent press reports, the Central Bank of Nigeria has deliberately devalued the local currency at the end of 2008. Professor Chukwuma Soluda, Governor of the Central Bank, said the move was designed to stop the decline in fiscal revenues as a result of falling oil prices.
Any Evidence-Based Deliberation:
| Question | Result |
|---|---|
| Is there anything in the public record to suggest that evidence of the effectiveness of the proposed measure was considered during official deliberations? | |
| Is there any evidence that alternatives to the proposed measure were considered? | |
| Is there anything in the public record that suggests that empirical evidence informed the comparison across the alternatives available to government? | |
| Was such evidence identified? | |
| Is such evidence publicly available? | |
| Did the official decision-maker in question provide an explanation as to why a chosen measure was favoured over alternatives? | |
| Is there any evidence to suggest that potentially affected trading partners were consulted before the measures were taken? | |
| Is there any evidence that safeguards have been put in place to ensure that implementation of the initiative is transparent and non-discriminatory? | |
| Did the government state its intention to review the measure within one year of implementation? |
Date Discovered:
Implemented: Yes
Date of inception: 1 Dec 2008
GTA Evaluation: Red
Source:
Daily Independent. (16 December 2008). Naira Devaluation Deliberate, Says Soludo. Available at http://allafrica.com/stories/200812170030.html
Daily Trust. (11 January 2009). Naira Depreciation Takes Toll an Economy. Available at http://allafrica.com/stories/200901120645.html
Les Afriques. (23 February 2009). Central Bank of Nigeria Intervenes to Stabilize Naira. Available at http://www.lesafriques.com/en/nigeria/central-bank-of-nigeria-intervenes...
Government Response:
- 1369 reads
