Dear Speculators, In 2015, the wide variation between the official exchange rate and the parallel market was a major source of economic concern for Nigeria, a country frequently described as an import dependent nation (I have my reservations on describing Nigeria as such but I choose not to digress from the discussion at hand). During this period, the continuous fall in oil prices reduced the foreign exchange earnings of the country. The Dollar was scarce in both the official and parallel market, leading to a rapid rise in the dollar rate in the later while the Central Bank was left to defend the peg in the former by depleting the external reserves. Whereas, the easier alternative would have been to devalue and stabilize the exchange rate at a new and fairer level to reflect the prevailing economic fundamental. Fast-forward to mid-2016 when the Naira devaluation was overdue and the Naira had greatly depreciated in the parallel market, the Central Bank decided to float th