Devaluation Of Naira

The nigeria economy has undergone various revolutionary operations under numerous regimes in the year past.

All along,naira has suffered unprecedented falling against the US dolars and pounds sterling even in the face of economic measures that have been applied to rescue the situation.

In this report,packaged by our correspondent lebi joseph,we are taking a look at advantages and disadvantages of devaluation of naira.

Back in the days,in the early eighties,the nigeria naira was one of the strongest currency in the world.then the nigeria economy was vibrant and stable.government policy was purposeful and well implemented.

The unproductive nature of nigerians and corruption among government officials are contributory factor to the collapse of the nation`s economy.

The problem facing nigeria economy today was accumulated over years especially during the babngida era which many nigerians believed was the time the nation`s economy suffered the heaviest set back.

As long as nigerians rely on importation of goods,the country currency can never stabilize because a nation that imports everything it needs must have it`s economy determined by foreign economic policy.

The devaluation of naira maybe a good thing if it can be well handled but the fear is the nigeria factor where good policies are badly implemented.

For nigeria to get out of the present economic doldrums it is presently into,the power generation must be improved upon and small scale industries must be encouraged.

 

 

 

 

Correspondent Joseph Lebi

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