Currency devaluation is often marketed as a silver bullet, an economic fix that boosts exports, attracts investment, and enhances competitiveness. It’s a theory rooted in the logic of market economics: Make your currency cheaper, and your goods become more attractive abroad.
But in Nigeria, that story collapses under the weight of reality.
From June 2023 to May 2025, the naira has depreciated by over 230 percent against the US dollar, plunging from N471/$1 to more than N1,555/$1 on official markets. The shift, spurred by reforms from Pres
