While devaluation has its numerous advantages chief amongst them being ;
1) Boosting exports by making our domestic produce cheaper in international market thereby increasing foreign exchange earnings
2) Boosting the capacity of local manufacturers who depend on local raw materials for production
3) Reducing over reliance on foreign goods.
It is important to note that in the long run devaluation affects us negatively most especially in a country like ours where the various factors of production(e.g Land which includes our untapped mineral resources, Labour, Capital, and even technology) has not been fully maximized.
Devaluation favours the advance economies more because their domestic market is already saturated with consumer goods hence, in other for them to take advantage of foreign markets they devalue their currencies to make the excessive goods that is too much for their domestic consumption cheaper for foreign markets to buy thereby earning foreign exchange from the excesses they can’t consume.
On the other hand in a country like Nigeria whose factors of production has not been fully utilized, devaluation opens us to;
1) Imperialist Domination; because vital and critical assets of our nation’s economy (petroleum) becomes too cheap for foreign powers to own, dominate and control considering we don’t have strong laws to shield us from such.
2) Devaluation increases the value of our external debts and amount required to service it, since it will take more naira now to pay for the debts.
3) It will lead to massive inflation especially in our country where import(e.g machines and other vital equipment for local manufacturing) is always more than export due to insufficient supply to meet local demands.
Of course international organizations like World Bank and IMF(International Monetary Fraud Fund) which serves as a deceptive front for western countries to sink deep their parasitic roots of imperialism into our beloved country, will keep admonishing us to devalue our currency. Because it makes our vital assets and common wealth cheap for them to annex, own, control and exploit at will under the guise of Foreign Direct Investments and Privatization.
Our government should rather consider increasing import tariffs or outright ban on goods we are domestically proficient in, while improving infrastructure to increase the quality of goods being produced locally to be able to compete internationally.
A situation where we export our raw materials(e.g petroleum) very cheap without value addition, only to turn around and import a by-product(petrol, kerosene, diesel, etc.) that is now very expensive due to currency devaluation, makes the whole currency devaluation idea by our leaders look foolish.

Is actually soothing to know that naira can still be further devalued.

I thought bros J took it to its lowest possible.