Business Naira Devaluation: Goods and Services to Become More Expensive

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LequteMan

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Nigeria- Following Tuesday’s sudden devaluation of the naira by the Central Bank of Nigeria’s Monetary Policy Committee, economic and financial analysts expect a general rise in prices of goods and services following the action.

Excerpt from Punch:

Although economic and financial analysts commended the CBN Governor, Mr. Godwin Emefiele, and the MPC team for having the courage to take such ‘drastic and bold decisions’, they noted that the development would inflict ‘pains’ on Nigerians, at least in the short term.

According to the experts, currency devaluation for an import-dependent nation like Nigeria means an imminent general rise in the prices of imported goods.

They said the economy had enjoyed single-digit inflation for a very long time but the current policy decisions might take the inflation rate from the current 8.1 to about 10.5 per cent.

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