Which economic policy introduced by the Buhari regime had a significant impact on Nigeria’s foreign exchange market?
Source: JAMB · 2024
Which economic policy introduced by the Buhari regime had a significant impact on Nigeria’s foreign exchange market?
Explanation
Note: SAP was actually introduced under Babangida in 1986, not Buhari. Buhari’s regime used countertrade policies instead. SAP devalued the naira and liberalized the foreign exchange market dramatically.
Import substitution was an earlier policy. Countertrade was Buhari’s actual policy (exchanging Nigerian goods for foreign goods). Export promotion was part of SAP but not the main policy name.
SAP transformed Nigeria’s economy but caused hardship. The naira lost value and prices increased sharply for ordinary people.
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