Most of the fuel that are used by Nigerians are not refined in Nigeria. Dangote refinery will be will be capable of refining domestic fuel production and export if true what we heard about it. This will definitely helps reduce naira devaluation.

What I only thought of about fuel subsidy removal is that it will result to inflation. But according to what the president said, Nigeria is exporting subsidized PMS (petrol) to Benin Republic, Cameron and Republic of the Ninja. If the subsidy is removed, more foreign currency can flow into Nigeria and this may likely help to reduce naira devaluation.