One of the most dramatic events in Nigeria over the past decade was the devaluation of the Nigerian naira with the adoption of a structural adjustment programme (SAP) in 1986. A cardinal objective of the SAP was the restructuring of the production base of the economy with a positive bias for the production of agricultural exports. The foreign exchange reforms that facilitated a cumulative depreciation of the effective exchange rate were expected to increase the domestic prices of agricultural exports and therefore boost domestic production.
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Paper provided by African Economic Research Consortium in its series Papers with number
87.