Nigerian Naira: The misfortune of its people and the glee of foreign investors
Dear Africa interested individuals: The Nigerian government has just completed the introduction of policies that have culminated in a trifecta of pain on its citizens and residents that will have a massive and immediate impact on the standard of living of its people. Never before in the history of Nigeria has there been a combination of the below official events all within a six-month period . 1 . Electricity prices were increased on average by 80% per kilowatt hour more to residential customers effective February 1, 2016 . Commercial customers were also not left out. The abolishment of fixed monthly charges may reduce the overall charge to a 40% increase which is what the media is reporting. Electric power distribution (supply and quality) actually got worse after the increase took effect and majority of customers nationwide are still getting estimated billing and not actual usage bills . The regulator/governme