The main thrust of this study was to examine the impact and implication of the ‘continued’ naira devaluation on the Nigerian economy from 1970-2014. Data for the variables used were collected from the CBN statistical bulletin as well as from the database of National Bureau of Statistics. Data collected were analyzed and tested using the ordinary least square (OLS) technique but due to the fact that data are not stationary, a unit root test was employed; it further resorted to granger-causality test so as to test and prove that the variables does not have causal relationship between each other, after which Error Correction Model was also used. From our findings, we discovered that a decrease in the exchange rate value of the naira retards investment in Nigeria, while imports as well as the export affects the GDP negatively because of the lack of diversification in the Nigerian economy and subsequently affect economic growth. It was recommended that the government should focus on diversification, as well as expand technological knowledge and innovations emanating from Nigerians by providing necessary assistance among several other recommendations .This paper concluded that devaluation cannot improve the trade balance in the Nigerian economy. Devaluation can only benefit countries that are originally export based before the devaluation of a currency. For an economy that is structured like that of Nigeria, devaluation will surely complicate the problem at hand, rather than solving it.