Nigeria, the biggest economy in Africa, is down on its knees following the sharp drop in the prices of crude oil, the country’s major foreign exchange earner.

Since June 2014 when the prices of oil fell from about $110 per barrel to the current average of $50/barrel, the fortunes of the world’s fifth largest exporter of oil has nosedived sharply.

With a major fall in economic growth from a six per cent average to the current negative position, jump in inflation from nine per cent to 17 per cent, and severe weakening of the naira from 150/dollar to 305/dollar on the official market and 380/dollar on the parallel market, the economy is believed to be on a life support.

This, according to experts, is evident in the massive job losses, factory closures, biting inflation, loss of consumer and investor confidence, erosion of disposable income and general lull in economic activities.

http://medianet.info/2017/06/02/cbn-struggles-to-stabilize-naira-as-may-ends/