Naira Devaluation Will have Positive & Negative Ripple Effects on Economy – Economist

Obida Wafure of the Economics Department, University of Abuja, says the recent devaluation of Naira by the Central Bank of Nigeria (CBN) will have positive and negative ripple effects on the economy.
Speaking with the News Agency of Nigeria (NAN) on Thursday in Gwagwalada, FCT, Wafure, said that the devaluation would encourage local industries and also bring about closure of many that depend mainly imported raw materials.
NAN recalls that the CBN had on Tuesday in Abuja announced the devaluation of Naira by N13 as part of measures the bank said were aimed at strengthening the nation’s economy.