Buhari’s Policy Shifts Raise Hopes for Economic Pragmatism in Nigeria

People crowd around market stalls, Lagos, Nigeria, June 20, 2016 (AP photo by Sunday Alamba).
People crowd around market stalls, Lagos, Nigeria, June 20, 2016 (AP photo by Sunday Alamba).
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Nigeria’s currency, the naira, lost 30 percent of its value after the Central Bank of Nigeria abandoned its peg to the dollar on June 20. The bank’s move was a substantial but long-overdue shift after a year of haphazard and detrimental economic policy under the administration of President Muhammadu Buhari. It took 16 months for the bank to abandon its peg, which had exacerbated negative external economic factors, including depressed global oil prices, and helped move the country toward a recession. The lag in policy change is indicative of a slow, centralized and politicized decision-making process under Buhari. The abandoning […]

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