Naira devaluation, another journey into economic wilderness - Punch Newspapers

The naira was devalued some six weeks ago and instantly, the effects started showing in the rising cost of local and foreign goods in the Nigerian markets. The Governor of the Central Bank of Nigeria, Godwin Emefiele, has again hinted of another devaluation very soon by stating that the naira is overvalued. One of the primary objectives of the CBN is to protect the value of the domestic currency and devaluation is definitely one of the ways of destroying the value of the currency.

The foregoing scenario assumes that the country devaluing its currency has a variety of exports needed by other countries and which it has control over the prices of such commodities. On the import side, such a country’s production units do rely heavily on domestic inputs such that it can then control the importation without injuring domestic production.

Prof you have done well by bringing this article same to Punch newspaper. The Naira devaluation last year & this year was never necessary. This action by the CBN has actually killed the Nigerian economy. Even the world Bank have criticised it yet d governor want devalue it again

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