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Methods Data Sources The analysis of exchange rate depreciation and inflation in Nigeria is based on a twenty-three year data series (1986–2008) compiled from data in various issues of the Central Bank of Nigeria (CBN) Annual Reports, Statistical Bulletin (Golden Jubilee edition) and Statement of Accounts and National Bureau of Statistics (NBS) digest of statistics. The choice of 1986 as the starting point of our analysis stems from the fact that in that year the Structure Adjustment Programme (SAP), which resulted in massive depreciation of the naira, was implemented (see table 1 in the appendix). Unavailability of data did not permit the extension of the time profile beyond 2008
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