The answer to this question is no. We shouldn’t give the naira artificial value, it would be counterproductive. For developing countries to industrialise, they must undervalue their currencies so that, with time, it would discourage importation and encourage local production of goods. This in turn will create jobs with its attendant benefits to the economy.
You must have heard about the currency war between the United States of America and China. China systematically reduced the value of its currency so that imported goods will be more expensive than locally made ones. What is happening in Nigeria today is a blessing in disguise. The pressure on the naira is good but most importantly, I would advise that government should have a special exchange rate for those importing raw materials that add value to the economy; but allow the rest to go to the open market to source for their…
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