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NAIRA DEVALUATION: ITS EFFECTS AND POSSIBLE SOLUTIONS
ABSTRACT
Devaluation is the reduction in the value of the money of one country when it is exchanged for the money of another country. Devaluation of currency is an attractive option for nation in recession like Nigeria. This study looks at the effects and the possible solution of naira devaluation. The study adopts the use of secondary data of the Nigeria exchange rate spanning from 1972 to 2020. The study then recommends that the Nigeria government should diversify the economy and that devaluation of currency should be the last resort to the economic imbalance.
Keywords: devaluation, exchange rate, economy, COVID-19, naira.