THE PERSISTENT DEPRECIATION OF NAIRA (CASUSES AND POSSIBLE SOLUTION)
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ABSTRACT
This study was carried out on the causes and possible solutions to the persistent depreciation of Naira. To achieve this significant research objectives were formulated. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of all the staff of CBN illorin branch, Kwara State. In determining the sample size, the researcher conveniently selected 67 respondents while 50 were received and validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage. The result of the findings reveals that the possible causes of naira devaluation include; economic fundamentals, political instability, interest rate differentials, risk aversion among investors and corruption practices, More so, the study disclosed that among the challenges of naira devaluation include; lack of adequate infrastructures, lack of advanced technology and the danger of corruption. And economy instability, increase in crime rate, and curtailing foreign investment are the notable consequences of naira devaluation. In regard to the findings, the study recommends that Naira should not be devalued further until there is improvement on the quality of goods being exported through industrialization so that global competitiveness will be achieved and it can have a positive effect on the balance of payment. Contractionary policies should also be put in place to curb the associated increase in inflation. There is no doubt that initially a common man in Nigeria will not enjoy it because the policy is channeled towards encouraging exportation and discouraging importation. Furthermore, Nigeria should diversify her economic base, create an enabling environment for export oriented manufacturing to grow and instead of devaluation, trade restriction, ban on some selected imports. Other monetary measures should be introduced to address the country’s balance of payment position, and monetary authorities should execute the right measures to reduce the temporary increase in prices lest it become permanent. Timing at this point becomes very crucial. More so, the Nigerian government should consider devaluation of currency as the last resort to the economic imbalance.
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