Nigeria's Balance of Payment Crisis: Causes and Recommendations
Keywords:
balance of payment, currency devaluation, foreign exchange, nigeria, naira
Abstract
Nigeria's balance of payment crisis has been at the heart of its frequent recession and incessant currency devaluation. Hence it is imperative that major economic policies and strategies address this issue. As this paper as showed, if Nigeria could consistently attain overall balance of payment surplus, the naira will be strengthened, and the economy will flourish. Therefore, this paper attempts to demystify Nigeria's balance of payment deficit while offering recommendations to improve the weak balance of payment. While the structural approach to adjusting balance of payment crisis seems to be the method with lasting economic change, it appears the most difficult to execute.
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2023-06-09
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