Nigerians are losing the value of their wealth during both economic growth and economic recession.
The Naira is a currency caught between the devil & the deep blue sea, it has depreciated against the US$ by 67,605% in 40yrs a currency it was once stronger than during both Economic Growth & Economic Recession eroding the wealth of Nigerians. During Economic growth the rate of depreciation is slower than when the economy is in recession, and the reason is when the economy is booming and Nigerians are making money they switch to luxury goods which also puts pressure on the Naira.
The only way to curb the continuous depreciation of the Naira is through industrialization and hard-line economic and social policies!
To stop the trend, Nigeria must move from Consumption Economy to a Production Economy.
Watch Roman Oseghale give an analysis of the trend and why.