Nigeria is running a managed float not a free float. The CBN intervenes regularly and is an active participant in the FX market, often deciding what rate the FX they sell to BDC should be sold at. The last time a free float was attempted the exchange rate rose to NGN2000, basically everyone moved away from the CBNs platform and used a more organized freely accessible system (Crypto). The CBN in collaboration with NSA went after the platforms and even locked a staff of Binance hoping they could squeeze some cash. When that failed woefully, they returned to managing the float with their NAFEX. Also, the country's debt servicing has now surpassed it's revenue.
The silent barter trade in the north may have happened in what is now Nigeria--gold for salt. As to oil, isn't there a refinery that a wealthy Nigerian built? On the village level there
were the Ekpo Society and other secret male groups that acted as legislators and perhaps also executioners in the Southeast.
Jeez... strong words 😅. I dont think Nigeria will ever split though. The North would be unviable without the oil in the niger-delta.
Nigeria is running a managed float not a free float. The CBN intervenes regularly and is an active participant in the FX market, often deciding what rate the FX they sell to BDC should be sold at. The last time a free float was attempted the exchange rate rose to NGN2000, basically everyone moved away from the CBNs platform and used a more organized freely accessible system (Crypto). The CBN in collaboration with NSA went after the platforms and even locked a staff of Binance hoping they could squeeze some cash. When that failed woefully, they returned to managing the float with their NAFEX. Also, the country's debt servicing has now surpassed it's revenue.
Thank you,
1) I changed it the phrasing from "managed anchor" to "managed float" instead of "float".
2) Yes, debt servicing is well over 100% now:
https://newscentral.africa/nigerias-debt-servicing-surpasses-revenue-by-144-in-january-2025/
I'll keep my point though on the 2022 stat, as the point is to demonstrate the issue of external borrowing on US denominated debt.
Great article. Thank you!
Honestly really interesting, thank you for sharing this history.
thank you!
The silent barter trade in the north may have happened in what is now Nigeria--gold for salt. As to oil, isn't there a refinery that a wealthy Nigerian built? On the village level there
were the Ekpo Society and other secret male groups that acted as legislators and perhaps also executioners in the Southeast.
1) Yes to gold for salt (and other goods)
2) Yes, his name is Alito Dangote!
3) Yes! Ekpo also had a written language. I will be talking about then when I discuss the south in pre-colonial nigeria.
Yikes!
Nigeria, a corpse republic that desperately needs to die
Jeez... strong words 😅. I dont think Nigeria will ever split though. The North would be unviable without the oil in the niger-delta.
Similar things have been said of past states like the Soviet Union and Sudan.