Devaluation of the PEOPLE Vs Devaluation of the NAIRA

While Nigerians still worry over expensive goods and services that are almost out of the reach of the masses, the Federal Government announced that one of its newest policies is to devalue the Naira.
There exists no economic theory they didn't quote in order to justify this anti-people act. They also cited constraints in the ability of the #CBN to continually defend the Naira and sustain the stability of the exchange rate occasioned by the falling oil price.
As a country which depends largely on imports from other nations, this may not only be a devaluation of the nation's currency but also a devaluation of the people in it and those who call it home. Labour groups have shown displeasure to this decision and the Trade Union Congress (TUC) has vowed to demand for an increase in the minimum wage for workers in the new year 2015.
 Apart from the fact the devaluation glaringly shows the mess our economy has become, it also signals an impending trend of INFLATION, according to economists. This will surely affect the masses directly.

One of the common alibi the pro-devaluation people have is the general equilibrium theory. Unfortunately for them, they have read from a copy of the theory whose central pages have been turn out or eaten by hungry rats. The General Equilibrium Theory obviously has clear-cut restrictions from one economy to another. It gives no direct application to all economic and financial situations across board. Their explanation could have been a bit senile if the country in question is China, Japan, Israel or other countries who run export-based economies. Not Nigeria. Nigeria runs a freaking import-based economy that has led us to this pitiable status. We import virtually everything. From Cars to Generators to Cooking Stoves to PCs to Lamps to Canned Foods to Matches to marble and even the Oil we use in fueling our businesses are imported from foreign refineries. As you read this, pause and look around you. You will conveniently count almost ten things or more that are from China. This is a culture that has caused more than enough devaluation on our manufacturing system that we used to be proud of back then in the 70s.

I'm afraid that very soon Nigerians will soon start to import children and do a change of ownership and also 'foreign' oxygen before we can breathe. Tell me what exactly we don't import, if not in large quantity but in amounts that could be produced internally. You are probably reading this post with  a phone or PC that was imported from another man's land. These imports happen every minute o everyday and the run into millions of dollars. We cannot do totally away from imports. But it should be for a reasonable essence e.g. raw materials, foreign arts works etc, everybody does that.
In my opinion I see this devaluation of Naira, from the Nigeria's economic point of view, as a big blow on the economy and a strategic devaluation of the hopes of the people of Nigeria. The only 'advantage' thereof is that it allows looters of the nation's treasury to chart away more money (NAIRA) in smaller dollar denominations and quantity.