After years of fattening on oil revenue and growing into one of the world’s 20 emerging markets, Nigeria officially fell into recession in the second quarter of 2016. The effects of that slump, coupled with the initial stumblings of the present administration as well as dogmatic fiscal policy meant that by the end of 2016, commodity prices were up between 50–250%. The naira lost value by over 40% in 18 months, fluctuating between N520 - N550 by the end of the year.
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