Effects of Devaluation/Depreciation of the Value of Naira on the Nigerian Economy (2015-2024)

Airken (2010), Exchange Rate Development in Nigeria: CBN Bulleting Vol. 16-406. Aiya F. (2014). People’s perception of the impact of Currency Devaluation on the Performance of Poverty Alleviation Programmes in Nigeria, Developing Country studies, 4 (10), 7-16 Akinlo, A.E., & Odusola, F.A., (2023) Assessing the impact of Nigeria’s naira Depreciation on output and inflation, National Centre for Economic Management and Administration (NCEMA), Ibadan, Nigeria. Applied Economics, ISBN: 1466-4283. http://www.tand f.co.uk/journals. DOI: 10.1080/0003684032000056823,35,691. Akpa, E.O.,& Atan, J.A(2022). Effects of Exchange Rate Movements on Economic Growth in Nigeria, CBN Journal of Applied Statistics, 2(2),1-14 Eme, O.A., & Johnson, A.A. (2010). Effects of Exchange Rate Movements on Economic Growth in Nigeria, CBN Journal of Applied Statistics, 2(2),103-116 Emele Onu & Alonso Soto (2020). Virus Pushes Nigeria to Devalue Currency, Seek Single Rate. A report from Bloomberg on March 20th, Retrieved from https//www.bloomerg.com/news/articles/2020-03-20/Nigeria-central-bank-starts- uniform-exchange-rate-for-naira Frank Anyanwu (2023), "Currency Devaluation and Economic Growth" Foreign Policy. Corn Retrieved 27 January 2024. MC Donald Peter (2023), "Impact of Currency Devaluation on Interest Rates, England. Medee C.O. (2020), "Credit Policy Inflation and Growth in a Financially Depressed Economy" Pages 361-379. Ofor, N.T. & Manukaji, I.J. (2016). Effect of Currency Devaluation in Era of Economic Downturn in Nigeria. similar to aqueous liquid equilibrated with feldspars” (Anovitz & Blencoe, 1999; Schäfer et al., 1999; Student & Bodnar, 1999). Volatile and halogen?bearing fluxes—principally H?O, B, F, and P—play a pivotal role in pegmatite evolution. “Fluxes reduce the melting and crystallization temperatures, and they enhance miscibility among less soluble constituents, thereby suppressing quartz and feldspar nucleation” (London, 1997). This flux?driven mechanism underpins the pronounced geochemical fractionation and rapid crystal growth that define pegmatitic textures. Modern classification schemes hinge on these geochemical signatures. ?erný’s (1991) scheme divides pegmatites into four classes—Abyssal, Muscovite, Rare?Element, and Miarolitic—and further subdivides the Rare?Element class into LCT (Lithium, Cesium, Tantalum enrichment) and NYF (Niobium, Yttrium, Fluorine enrichment) types. Later refinements (?erný & Ercit, 2005; Martin & De Vito, 2005) integrate petrogenetic and tectonic controls, linking LCT pegmatites to orogenic settings and NYF to anorogenic regimes. In Southwest Nigeria, post?Pan?African “Older Granite pegmatites” emplaced between 550 and 430 Ma follow dominant NE–SW to NW–SE structural trends. They are recognized for Sn–Ta– Nb, Li, and Be mineralization but lack systematic geochemical characterization. In the Alabata area (Sheet 260 SE Abeokuta), preliminary work reveals a complex petrogenesis— mixing metasedimentary and igneous sources—and notable enrichment in Li and rare?earth elements. This study undertakes a comprehensive geochemical characterization of the Alabata pegmatites to delineate their petrogenetic history using discrimination diagrams (K?O–TiO?–P?O?, TiO?–SiO?, K?O/Al?O?–Na?O/Al?O?), AFM and WPG plots, and spider?gram patterns as well as evaluate their rare?metal potential and implications for sustainable Li–REE exploitation. By integrating field observations, whole?rock geochemistry, and mineral?scale analyses, we aim to clarify the petrogenetic processes that generate these world?class pegmatites and outline pathways for environmentally responsible resource development. 2. GEOLOGICAL SETTING The area under investigation lies between latitudes 7°13?N and 7°20?N and longitudes 3°20?E and 3°26?E on Sheet 260 SE Abeokuta, southwestern Nigeria. Elevations range from 303 m to 394 m above sea level, and a network of small streams drains northeast–southwest into the Ogun–Oshun basin. Geologically, this tract falls within the Nigerian Basement Complex, “a polycyclic assemblage of high?grade metamorphic rocks, syn? to post?tectonic granitoids and associated dykes” that “forms part of the Pan-African mobile belt lying between the West African and Congo Cratons. The basement in southwest Nigeria is unconformably overlain to the south and east by Mesozoic– Recent Dahomey Basin sediments and to the north by Younger Granites of the Jos Plateau. Figure 1. Map showing the basement geology of Nigeria: The Migmatite-Gneiss Complex (mgn), the Schist Belts (sb) and the Older Granites (og) (Modified after Wright16) Rahaman’s six?fold subdivision of the Nigerian Basement Complex applies here: ? Migmatite– Gneiss–Quartzite Complex ? Schist Belts (low?grade metasediments and metavolcanics) ? Charnockitic, Gabbroic and Dioritic rocks ? Older Granite suite ? Calc-silicate and marbles ? Unmetamorphosed dolerite and syenite dykes Field mapping reveals that migmatitic gneisses and banded schists of the Migmatite–Gneiss Complex dominate outcrop, intruded by biotite–muscovite granites of the Older Granite suite. These are locally cut by coa Ajibade, A.C., Fitches, W.R., & Wright, J.B. (1987). Pan-African granitoids of Nigeria: Field relations and petrochemical affinities. Journal of the Geological Society of London, 144, 619–630. Anovitz, L.M., & Blencoe, J.G. (1999). Partitioning of Na and K between vapor and melt: Implications for granitic systems. Geochimica et Cosmochimica Acta, 63, 3939–3953. Blevin, P.L. (2004). Zoning and fractional crystallization in the Tanco pegmatite, Manitoba: Implications for rare-element partitioning. Physics and Chemistry of Minerals, 31, 304– 316. ?erný, P., Ercit, T.S., London, D., & Davidson, P. (2005). The classification of granitic pegmatites revisited. Canadian Mineralogist, 43, 2005–2026. Cerný, P., London, D., & Novák, M. (2005). The Classification of Granitic Pegmatites Revisited. Canadian Mineralogist, 43(6), 2005–2026. Cerný, P. (1991). Geochemical and Petrogenetic Features of Mineralization in Rare-Element Granitic Pegmatites. Applied Geochemistry, 18, 1–31. Dada, S.S. (2006). Geochemical character and mineralization potential of rare-element pegmatites in Nigeria. Journal of African Earth Sciences, 44(2), 265–276. Frank, R., Schilling, J.G., & Qiu, J. (1998). Rapid geochemical analysis by ICP–MS: Applications to mantle geochemistry. Chemical Geology, 146, 123–137. Garrels, R.M., & Mackenzie, F.T. (1971). Origin of Chemical Sedimentary Rocks. New York: W.H. Freeman. Irvine, T.N., & Baragar, W.R.A. (1971). A guide to the chemical classification of common volcanic rocks. Canadian Journal of Earth Sciences, 8(5), 523–548. Jahns, R.H., & Tuttle, O.F. (1963). Experimental granitic pegmatite I: Phase relations in the system KAlSi?O?–NaAlSi?O?–SiO?–H?O. American Journal of Science, 261(6), 673–718. Jahns, R.H. (1982). Geochemical evolution of pegmatite-forming melts during crystallization at low to moderate degrees of undercooling. Transactions of the Royal Society of Edinburgh: Earth Sciences, 73, 297–307. Le Maitre, R.W. (Ed.). (2002). Igneous Rocks: A Classification and Glossary of Terms— Recommendations of the IUGS Subcommission on the Systematics of Igneous Rocks.