Five ways to save the Naira from plunging

The Naira exchange rate has suffered severe battering in recent times. Things are not getting any better for the Naira as all we hear on a daily basis is how value of the naira keeps dropping. Different strategies and measures have been taken by the Central Bank of Nigeria but it doesn’t seem to
helping. The free fall of the Naira is not new but the rate at which it has been going down in the past weeks is quite frightening. As at today, the exchange rate on the parallel market N400 as against yesterday’s N385. Some have given suggestions on what President Muhammadu Buhari can do to save the Naira. Below are the suggestions. 1. Though President Muhammadu Buhari said he is not convinced of the need for the Naira to be devalued, some feel it is the only way out. Devaluation of the naira would help in reducing the pressure on forex, provide the government with a degree of policy flexibility and boost the inflow of capital into the country. But it would also bring with it inflation and higher cost of living.
2. We have been too dependent on crude oil. It is time to diversify the economy and save Nigeria from collapse.