The truth about Nigeria's recession is this; it was caused by the president's unguided rhetoric and uncultured body language

Firstly, there is nothing we are buying today that we weren't buying 5 years ago, therefore it's not our purchase that put pressure on Naira but withdrawal of funds by foreign
investors.

After the election, the president created instability with his unguided statements about how everyone is corrupt and how everyone is going to jail. The instability made foreign
investors to liquidate their investment and change their money
to dollars.In the process of trying to flee, they were willing to buy dollars at any price, which lead to high exchange dollar rate.

Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the president gave a bad signal by banning deposit of foreign currency into domiciliary accounts. That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of
dollar rush. Naira crash

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