By Chief Akinwumi Akinfenwa
*Recap of Part Two*
In Part Two of this series, we examined the economic record of the APC administration and highlighted the realities of rising inflation, increasing poverty, declining purchasing power, growing unemployment and the worsening cost-of-living crisis.
We established that economic growth figures alone do not define prosperity. What matters is whether citizens can afford food, transportation, healthcare, education and a decent standard of living.
This week, we turn our attention to another critical issue that has profoundly affected every aspect of Nigerian life: the collapse of the naira.
*The Naira: More Than a Currency*
A nation’s currency is more than paper and coins.
It is a symbol of economic strength, investor confidence and national stability.
A strong and stable currency reduces inflationary pressures, encourages investment and protects citizens from sudden economic shocks.
A weak currency does the opposite.
It makes imports more expensive.
It increases production costs.
It weakens purchasing power.
It fuels inflation.
It reduces living standards.
Unfortunately, the story of the naira under APC governance has largely been one of continuous decline.
*From Relative Stability to Historic Depreciation*
When APC assumed office in 2015, the official exchange rate hovered around ₦197 to the US dollar.
While challenges existed, the naira still maintained a degree of predictability.
Over the years, however, pressure mounted.
Foreign exchange shortages emerged.
Multiple exchange-rate windows developed.
Speculation increased.
Investor confidence weakened.
By the end of the Buhari administration, the naira had lost a substantial portion of its value.
Under President Bola Ahmed Tinubu, the decision to liberalise the foreign exchange market led to a dramatic depreciation of the currency.
At various points, the naira traded above ₦1,500 to the dollar.
This represents one of the most significant currency depreciations in modern Nigerian history.
The implications have been enormous.
*The Impact on Ordinary Nigerians*
Currency depreciation may sound like an abstract economic concept.
In reality, it affects nearly every household.
Nigeria imports a substantial portion of what it consumes.
Food products.
Pharmaceuticals.
Industrial inputs.
Machinery.
Educational materials.
Technology products.
As the naira weakens, the prices of these goods rise.
The consequences are visible everywhere.
The cost of medicines has increased.
Educational expenses have become more burdensome.
Construction materials have become more expensive.
Business operating costs have risen.
Household budgets have been stretched beyond their limits.
For many Nigerians, the naira crisis is not an economic theory.
It is a daily reality.
*The Crisis Facing Businesses*
Businesses thrive in environments of stability and predictability.
The foreign exchange crisis has made planning increasingly difficult.
Manufacturers struggle to import raw materials.
Importers face higher costs.
Investors worry about currency risks.
Profit margins shrink.
Expansion plans are postponed.
Some businesses reduce staff.
Others close entirely.
The cumulative effect is slower economic activity and reduced employment opportunities.
The economy cannot achieve sustainable growth when businesses spend more time battling uncertainty than pursuing innovation and expansion.
*The Disappearance of the Nigerian Middle Class*
Perhaps the greatest casualty of the naira’s decline has been the Nigerian middle class.
Traditionally, the middle class serves as the engine room of economic development.
It supports commerce.
It drives consumption.
It invests in education.
It creates opportunities.
Yet many middle-class families have found themselves under extraordinary pressure.
Savings accumulated over many years have lost value.
School fees have become increasingly difficult to pay.
Healthcare costs have risen sharply.
Mortgage obligations have become more burdensome.
Foreign education has become prohibitively expensive.
Family budgets have been repeatedly adjusted downward.
Many who once considered themselves financially secure now struggle to maintain their previous standard of living.
This silent erosion of the middle class poses long-term risks for national development.
*The Rise of “Japa”*
One of the most visible consequences of economic uncertainty has been the mass migration of skilled Nigerians.
The phenomenon popularly known as “Japa” reflects more than a desire to travel abroad.
It reflects declining confidence in future opportunities at home.
Doctors leave for better working conditions.
Nurses seek higher wages.
Engineers pursue more stable economies.
Academics search for environments where research and innovation are better supported.
Technology professionals relocate in search of global opportunities.
The tragedy is not simply that Nigerians are leaving.
The tragedy is that many of the country’s most educated and productive citizens increasingly believe they must leave to fulfil their aspirations.
This represents a significant loss of human capital.
*A Currency Crisis Is a Confidence Crisis*
Ultimately, currency stability depends on confidence.
Investors must have confidence.
Businesses must have confidence.
Citizens must have confidence.
When confidence weakens, currencies weaken.
The challenge facing Nigeria is therefore not merely financial.
It is institutional.
It is structural.
It is political.
Restoring confidence requires sound policies, strong institutions, fiscal discipline and credible leadership.
These are not optional requirements.
They are essential foundations of economic recovery.
*Conclusion*
The APC promised economic prosperity.
Prosperity requires stability.
Stability requires confidence.
And confidence requires results.
The story of the naira over the past decade is therefore more than a story about exchange rates.
It is a story about declining purchasing power, struggling businesses, shrinking opportunities and a middle class fighting to survive.
For millions of Nigerians, the weakening of the naira has translated directly into a weakening of hope.
*Next Week:*
*Part 4 – Security Promises and the Reality of Fear*
In the next installment, we shall examine APC’s promise to secure Nigeria and compare those commitments with the realities of terrorism, banditry, kidnapping and insecurity across the country.
*©️ Chief Akinwumi Akinfenwa*
*09091700203 – WhatsApp*
*07062986613 – Calls*
*14th of June, 2026*
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