devaluation of naira

Nigeria, an African country on the Gulf of
Guinea, is known for its natural landmarks and
wildlife reserves. Safari destinations such as
Cross River National Park and Yankari National
Park showcase waterfalls, dense rainforest,
savanna and rare primate habitats. One of its
most recognizable sites is Zuma Rock, a
725m-tall monolith outside the capital of Abuja
that’s pictured on the national currency.
The name of the current president of Nigeria is Muhammadu Buhari GCFR (born 17 December
1942) is the incumbent President of Nigeria , in
office since 2015. He is a retired Nigerian Army
major general and was Head of State of
Nigeria from 31 December 1983 to 27 August
1985, after taking power in a military coup
d'état.
The naira ( sign : ₦; code : NGN ) is the currency
of Nigeria . It is subdivided into 100 Kobo .
The Central Bank of Nigeria (CBN) is the sole
issuer of legal tender money throughout the
Nigerian Federation. It controls the volume of
money supply in the economy in order to
ensure monetary and price stability. The
Currency & Branch Operations Department of
the CBN is in charge of currency management,
through the procurement, distribution/supply,
processing, reissue and disposal/disintegration
of bank notes and coins.
Devaluation of Naira is the official lowering of value of Naira in relation to other country's currency within a fixed exchange rate system.
The current devaluation of Naira is linked from the issue of fall of crude oil price. For a developing oil exporting country like Nigeria, fall of oil price will hinder the economy and bring about inadequate revenue to the government and also put pressure on country's foreign reserves and exchange rate crises.
Nigeria is a nation whose imports is greater than exports. our high dependence on foreign goods may likely bring about more negative impacts on our economy.
Devaluation of Naira will have negative effects on the economy.one of the superior effects is the increase in rate of importation, which leads to unemployment in the country.
I hereby urge the government to take a huge step, and set a new policy, so that we can overcome the issue of currency devaluation, and also to make the exchange rate favorable.

_ olasunkanmi Ibrahim.

Posted 8 Years Ago