Oil account for over 90 percent of Nigeria’s foreign exchange. After the amnesty in the Niger Delta in 2009, Nigeria produce about the average of 2.6 million barrels per day. There are a lot other source of income but neglected in Nigeria.
There are reports that Naira may soon be devalued by 15 percent as Nigeria’s oil income has reduced by about 20 percent. According to the recent 2014 reports of Nigeria’s economy be Fitch, Nigeria’s economy was in BB (Negative) status. That was fair for a country where trillions are been stole yearly. Also, National bureau of statistics put the inflation rate of Nigeria at about 9 percent for the second quarter. That was fear since Nigeria is facing elections in four months to come, and politicians have started to spend money any how.
Devalueting Naira will take us back to late 80s when Naira was devalued under Babangida – in the name of SAP. It will also be catastrophic for Nigeria. The whole idea of devaluation and loan is western backed and is evil. This is because, when a country devalue its currency, the currency will never regain its strength again. It will be recalled that the recent advice of world bank to Nigeria was about devalueating Naira. The world bank advised Nigeria to devalue it currency. According to the world bank, Nigeria’s currency is over valued as such needs devaluation.
Nigeria should be cautious of this criminal international agencies like the world bank. Nigerians should also resist any attempt by anybody or organization against influencing devaluating Naira in any form, in any way sooner or later.

Comrade Abdulbaqi Aliyu Jari
Usmanu Danfodiyo University
1total.wordpress.com
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