Global Journal of Management and Business Research, B: Economics and Commerce, Volume 23 Issue 3

© 2023. Victor Kilanko. This research/review article is distributed under the terms of the Attribution-NonCommercial-NoDerivatives 4.0 International (CC BYNCND 4.0). You must give appropriate credit to authors and reference this article if parts of the article are reproduced in any manner. Applicable licensing terms are at https://creativecommons.org/licenses/by-nc-nd/4.0/. Global Journal of Management and Business Research: B Economics And Commerce Volume 23 Issue 3 Version 1.0 Year 2023 Type: Double Blind Peer Reviewed International Research Journal Publisher: Global Journals Online ISSN: 2249-4588 & Print ISSN: 0975-5853 Nigeria’s Balance of Payment Crisis: Causes and Recommendations By Victor Kilanko Claremont Graduate University 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. Keywords: balance of payment, currency devaluation, foreign exchange, nigeria, naira. GJMBR-B Classification: LCC: HG3851 .K55 NigeriasBalanceofPaymentCrisisCausesandRecommendations Strictly as per the compliance and regulations of: