THE IMPACT OF PERSISTENT DEPRECIATION OF THE NAIRA CURRENCY ON THE GROWTH OF NIGERIA ECONOMY
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- 1-5 Chapters
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- NGN 3000
EXCERPT FROM THE STUDY
Naira valuation in Nigeria has been principally influenced by external shocks resulting from the vagaries of world price of agricultural commodities and oil prices, both major sources of Nigeria export and foreign exchange earnings; contending that when the economy depended on agricultural exports, Naira valuation volatility was less pronounced given the fact that these products were subjects to less volatility and that there were more trading partners involved in the calculation of the country’s Naira valuation. This is minimally affected by the real Naira valuation fluctuating by only 0.14% between 1970 and 1977.
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