The call for devaluation of the Naira cannot then be said to be a question of incompetence but that which borders on treason. What do we think will surely happen in Nigeria’s economies if we devalue….Nigeria economies’ is at a crossroad? (Economic recession-Depression) or (Economic Growth-Boom). Nigeria economies’ economic realities include; making a transition from product based to a market based economy, inadequate cohesion between the Executive (Fiscal Policy), CBN (Monetary Policy) and Legislature (Programs, Reforms, Policies) resulting in lack of cohesive policy direction, double digit interest rate on bank loans, high inflation growth rate (presently), dollar reserves at its threshold, declining wages, higher rate of unemployment(huge layoffs), import dependant, depreciating Naira, lower purchasing power, negative GDP growth rate, falling oil prices, domestic products Vs Diverse imports- Always existing high aggregate demand met by diverse import supply (critical economic leakage), unfavourable balance of trade(value of total imports exceeds the total value of exports) and an “unwillingness” of CBN not to spend dollars even for citizens internationally. CBN why?...(to have necessary amount of dollars in reserve?), However…”In order to sustain a fixed exchange rate, a country must have sufficient foreign exchange reserves, often dollars, and be willing to spend them, to purchase ALL offers of its currency at the established exchange rate”.

To devalue, these are the resultant realities; an import dependant country without much domestic alternatives of consumer products in meeting our constant high aggregate demand results in hyperinflation, both the imported products and domestic products will experience an inflation surge, resulting in lower purchasing power of our dear Naira, making the government print higher naira denominations. No matter the money supply or shortage, interest rates, taxation, at this point, these remedial options impact won’t deter the course towards an economic depression.

And the call to ban import products that compete with local product of the nation's consumers basket, as a stimuli to impact the Nigeria economies in increasing local output on expected demand due to very expensive or fewer alternatives of imports should be discouraged this is a crude, undiplomatic, and ineffective way to stimulate higher local output, consumption and export of local products. There are better innovative ways to discourage imports of competing goods that would be very profitable to the nation's economy without severing any diplomatic relations.

The CBN should be more INNOVATIVE and look at every initiative, direction, stimuli, strategy, step, through the spectrum of meeting the needs of the people of this country, there lays all the answers. As the nation’s executive has deftly advised, guided, and directed.

Finally, the CBN should stop claiming that they are cajoling or pleading with Nigeria’s financial institutions to reduce interest rates on bank loans, and that there is no further solution to this situation because we operate a free market for profit. The money needed to stimulate economic activity and growth is still in the vault of the CBN and our financial institutions are not at the very least accessing these funds and making them available to us entrepreneurs. What an ANOMALY. The reality of the Nigerian Economies.

Reference Link: https://www.newyorkfed.org/aboutthefed/fedpoint/fed38.html