The International Monetary Fund (IMF) has disclosed that Nigeria’s currency ‘Naira’ devalues by 10.6 percent annually since 1973.

This is One and Half times more than the long-term rate of the currencies of other emerging markets and developing economies at 7.2 percent, and Sub-Saharan Africa at seven percent over the same time period. According to IMF.

https://newsrand.com/2022/02/25/imf-naira-devalues-by-10-6-annually-since-1973/

That's because we are not an industrial nation

But people keep blaming new governments...
Somebody said it's because we are not an industrial nation... All these garri processing centres in my town, no be industry we go call dem shey?

No be juju be dat..

Who still makes money in Naira

HopeSpencer:
But people keep blaming new governments...
Somebody said it's because we are not an industrial nation... All these garri processing centres in my town, no be industry we go call dem shey?

1..Do you export the garri made to foreign countries for hard currency?

2. Do yoy pay taxes on the hard currency earnings if yes to no 1

3. Do you make and export garri processing machines abroad

4. Do you have research and development facilities for the improvment of the garri processing machines?

5. Do you have small scale manufacturers that make the components for the garri processing machines?

6. Has anyone made an automated garri processing machine?

7. Does your hometown make mechanical harvesters for cassava?

8. Do they export said harvesters for hard currency?
Etc etc

I think the devaluation becomes more rampant under the current democratic dispensation. I can still recollect changing dollar to naira at N60 during Abacha's military era.

richiemcgold:
I think the devaluation becomes more rampant under the current democratic dispensation. I can still recollect changing dollar to naira at N60 during Abacha's military era.

And with these loans it will go bulala

richiemcgold:
I think the devaluation becomes more rampant under the current democratic dispensation. I can still recollect changing dollar to naira at N60 during Abacha's military era.

A decade before abacha it was about n5 to one dollar.( in 1985 it was N1.70k to the dollar)

Also, under democratic dispensation our dollar needs and import needs rose. ( eg did you use mobile phone under Abacha? Laptop?) That meant we sent more dollars out than we did under Abacha. And thus less dollar to buffer the naira