Truth234:
Devaluation was done based on Nigerian economic situation as at the time. For instance, prior to oil discovery, Nigeria was a huge exporting nation, we export timber, cocoa, rubber, etc. and our tourism was good, I mean tourists across the world travel to Nigeria and spend money that help sustained our foreign exchange but after independence and the war that lasted for over 3 years. Things changed but not that much as we've started increasing our oil export.

In 1973, Nigeria devalued naira for the first time by 10% because US had gone ahead and devalued dollar by 10% to boost their exports, so it is normal we do the same since naira was too strong and our exports was hurting. The result was satisfactory, our foreign reserves grew by 773.5% in 1974. One notable factor that contributed to such result was the Arab-Israeli war.

After which the government and private sector focus on increasing oil production, which skyrocket oil contribution to export from 32.7% in 1966 to about 94% in 1976, but because oil prices fluctuate depending on global market we were unable to maintain stable foreign reserves, hence, foreign reserves plummeted.

In 1982, in an effort to contain the situation and our love for import/finished goods. Shehu Shagari passed Economic Stabilization Act to restrict imports and encourage local manufacturers, but that didn't work as most Nigerians have started enjoying imported goods, because it was cheaper. Only few people capitalized on the situation and built Business Empire, one of them is Aliko Dangote.

Devaluation like every monetary policy is a tool to help sustain manufacturing/export dependent economy by lowering currency value to increase exports but because we don't really have much to export now, it may not be the right tool and I don't think it will ever be until we diversify and develop other sectors to generate multiple foreign exchange.

To your question, if we didn't devalue, market forces (scarce foreign exchange, lack of exports, etc) will devalue for us, like we are seeing now.

So devaluation was borne out of necessity due to lack of long-term strategy and foresight, it’s near impossible to build an empire on an unstable income.

Emmyk:
Very explicit @Truth