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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Hamdala: Strategic Response to Exchange Rate Dynamics in Contemporary Nigeria
Author:Adesina, Olutayo C.ISNI
Periodical:Humanities Review Journal
Geographic term:Nigeria
exchange rates
informal sector
Economics and Trade
Peoples of Africa (Ethnic Groups)
Labor and Employment
Abstract:The informal sector, also known as the underground, second, parallel, irregular, unofficial, or black economy, constitutes a significant part of the economies of African countries. Nigerian fiscal and monetary processes since independence in 1960 have been characterized by frequent policy shifts, alternating between excessive government manoeuvering, sharp practices, and government financial recklessness. For Nigeria at the inception of the structural adjustment programme (SAP) in 1986, the reduction of the parallel market premium was of major strategic importance in the nexus of the exchange rate policy, given the existence of the parallel market and the official market side by side. The Hamdala, a group of Hausa 'currency sellers', came into existence as a reaction to the need to act together and converge into a group capable of collective action and targets. The ability of Hamdala to quickly respond to market needs has opened for it windows of opportunity in Yoruba land. A large section of the society began to see inherent merits in the services it rendered. Not only has it provided easy access to business opportunities, it is of significant importance both as an employer of labour and as a study in resilience and self-reliance. The experience of the Hamdala highlights the transmutation of 'an arbitrary way of life into the legitimate way of life'. Bibliogr., online sum. [Journal abstract]