Devaluation would give the citizenry each a blow, bad as the situation already is. We would want the things, but we simply cannot buy them due to the sudden rise in cost. With devaluation, the difference would be astronomical and without opportunity to adjust, the general public reaction to the impact of a risen cost of living would be untoward.
It was thus a relief that President Muhammadu Buhari, addressing an interactive session with Nigerians living in Kenya, argued that while economies driven by export could benefit from the devaluation of their currencies, it would only trigger sudden inflation in Nigeria, and impose instant hardship for the poor. Be this as it may, there is a grave economic situation on ground requiring that dynamic instruments are employed to prevent a free fall and eventual crash of the Naira. Often we are told that devaluation would make Nigerian goods cheaper and therefore encourage export. This begs the question of what exports our country boasts of, for sight is often lost to the fundamental truth that there are hardly commensurate Nigerian goods for export. Nigerian citizenry, for long spoilt by the oil based economy have not been productive.
 

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