The creation of a Nigerian exchanger is a complex issue. While it offers some potential benefits, its success hinges on other economic reforms and how it's implemented. Addressing the underlying causes of the Naira's depreciation is crucial for long-term stability.

Potential Benefits of a Nigerian Exchanger:

Greater Control over Exchange Rates: A Nigerian exchanger could allow the Central Bank of Nigeria (CBN) to manage exchange rates more effectively, potentially reducing volatility.
Discourage Speculation: Speculators who exploit multiple exchange rates might be discouraged, leading to a more stable market.
Boost Domestic Trade: A Nigerian exchanger could prioritize transactions within Nigeria, facilitating domestic trade and potentially strengthening the Naira.

Challenges to Consider:

Foreign Currency Availability: If the exchanger limits access to foreign currencies, it could hinder imports and foreign investment, impacting the overall economy.
Black Market Activity: Strict currency controls could create a black market for foreign exchange, undermining the official exchanger.
Success Relies on Other Policies: The effectiveness of a Nigerian exchanger hinges on other economic reforms. These might include:
- Diversifying Exports: Reducing reliance on oil exports and promoting exports of other goods and services can increase foreign currency inflows, strengthening the Naira.
- Controlling Inflation: High inflation erodes the purchasing power of the Naira. The government needs to implement policies to control inflation.
- Improving Ease of Doing Business: A more attractive business environment can attract foreign investment, bringing in foreign currency.

Possible Alternatives to a Nigerian Exchanger:

Multiple Exchange Rate Reform: Instead of creating a new exchanger, the CBN could consider simplifying the existing system of multiple exchange rates. This could increase transparency and predictability for businesses.
Focus on Macroeconomic Stability: Policies promoting economic growth, job creation, and a stable business environment can contribute to a stronger Naira.

Conclusion:

Nigeria to create its own exchanger isn't a guaranteed solution to the depreciation of the Nigerian Naira. While it offers some control, success depends on additional policies.