Devaluation means

Assessment: WAEC SSCE - Economics - 1991 (Objective) Subject: Economics

Question 1 Report

Devaluation means
Answer Details
Devaluation means a reduction in the value of the national currency relative to foreign currencies. This usually occurs when a government intentionally lowers the value of its currency in relation to other currencies, usually by reducing the exchange rate. Devaluation can lead to a decrease in the purchasing power of the domestic currency, making imports more expensive and exports more competitive.
Read lesson note on National Income (WAEC)
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