Quick facts about Devaluation

Q. What is Currency Devaluation?

A. Devaluation is a deliberate downward adjustment to the value of a country’s currency, relative to another currency, group of currencies or standard. It is a monetary policy tool of countries that have a fixed exchange rate or semi-fixed exchange rate. It is neither depreciation nor revaluation.

A rise fall in the value of the domestic currency in terms of other foreign currencies in the case of fixed exchange rate system is referred to as devaluation, according to the Central Bank of Nigeria.

German experience fall in exports in August

German exports fell in August by their largest amount since the height of the global financial crisis in 2009, and imports were also down sharply.

 

Data from the Federal Statistics Office showed seasonally-adjusted exports fell by 5.2% from July to €97.7bn (£71.8bn).

We urgent Intervention to meet 20% Target- Manufacturers

Nigerian manufacturers say an urgent intervention from the Muhammadu Buhari-led administration is key, if the country is to raise the non-oil sector’s contribution to gross domestic product to 20 percent.

 

The non-oil sector’s GDP contribution must hit 20 percent if it is to create sufficient jobs for about 24 percent of the country’s 174 million population, diversify the economy and help shore up the foreign reserves, experts say.

Thin imports from Nigeria, others stabilise Asian rice prices

Asian rice prices were little changed this week, with export demand sluggish and Thai mills on an extended holiday, traders said on Thursday.