We commonly hear only bad effects of the currency devaluation. As a matter of fact, there are few advantages of the event and we can earn a lot of other following advantages from there. If you are interested in getting survive through hard times, you should learn the entire advantages.

#1. More Competitive Export

Foreign buyers commonly have bigger interest with cheaper rates and you can certainly compete on market. Exports become cheaper, more competitive to foreign buyers. Therefore, this provides a boost for domestic demand.

#2. More Economic Growth

Export activity will increase allowing more career opportunities and employment, and more foreign currency incoming.

#3. Less Import Activity

Imports become more expensive. It means bigger demand on goods and service for domestic needs.

#4. Reduced Trade Deficit

It is caused by the numbers of export activities. However, the export demands need to be elastic from time to time.

#5. More Quality Goods

We cannot do imports so demand on nice goods with low rate is higher and we will get it.

Those advantages can be a good way of you to survive your business. It can also be your economical inspiration for a new business or to start survival steps. Learn more about the advantages and do everything you could to make performance from the hard situation. Have a try and good luck.

Thank you, this was very helpful

Annyhot:
Thank you, this was very helpful

You welcome sir

hmmn, I never for once devaluation can be this good, nice tips op

Lol ! So easy to brainwash people on NL.
See as they nod head "thanks OP"

Your eyes will soon clear about this really means. Nonsense !

Nice post. Unfortunately Nigeria ability to boost non oil is very limited. This is due to the artificially high lending rates of 20%+. If lending rates were in single digits, there will be an investment boom in non- oil exports capacity.

grandstar:
Nice post. Unfortunately Nigeria ability to boost non oil is very limited. This is due to the artificially high lending rates of 20%+. If lending rates were in single digits, there will be an investment boom in non- oil exports capacity.

i agree

Devaluation comes with some sort of advantages. Most business rendering export services in exchange for foreign currency will surely benefit from the devaluation.

But for a country like Nigeria, that is heavily dependent on revenue coming from oil business to the detriment of the other non-oil sector. Aside that we are also heavy on importation. Most goods you see in Nigeria are incoming goods they are never produced in Nigeria it will really take some time for government measures to cushion the situation start having effect on the economy.

your analysis is very Correct. but this could be applicable to countries that are really into production and manufacturing: countries like China, India e.t.c. but for Nigeria, devaluation of our currencies will be the greatest nemesis that will happen to us. we are a consuming nation. even tooth pick is being imported. most of the goods and products we produce in Nigeria is also consumed within this country. lets not devaluate our currency now, otherwise we will soon be like Greece. only GOD will help us.