Nigeria: Stakeholders Say Devaluation Will Boost Non-Oil Export, Seek More Efforts From FG

Industry stakeholders have predicted that the devaluation of the Naira will favour businesses in the non-oil export sector as well as manufacturers that source their raw materials locally rather than from markets outside Nigeria.

This, they say, was in contrast to the popular assumption that devaluation does all harm and no good, noting that the devaluation, which was recently sanctioned by the Central Bank of Nigeria, will make exporters of non-oil export products have more monetary value for their products while also bringing more dollars to the Nigerian economy. They also say that manufacturers that source raw materials from abroad will likely be the real losers as they will have to spend more naira to get a dollar.

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