Currency Devaluation And Fuel Subsidy Removal - 1185 Words

Currency devaluation and fuel subsidy removal are policies that are phenomena to the Nigerian economic environment. This research study identifies that the implementation of the policies has further caused more challenges in the pursuit for economic development than remedy to alleviate the crisis. From the research questions of this research study, was the questionnaire developed aimed at prying into currency devaluation and fuel subsidy removal for Nigeria’s economic development. The use of questionnaires were employed, which was distributed to 387 respondents who were selected as a sample of the population. In organizing and presenting data collected, frequency tables, bar charts and simple percentages were used. Data analysis and†¦show more content†¦In an understanding of the various challenges, Nigeria’s economy had encountered in its existence as a sovereign-independent African state, these two macro-economic fiscal policies have being observed to be most often Nigeria’s resort each time she’s faced with financial issues. The principle of this research study was to seek understanding and analysis of the cause-effects of Currency Devaluation and Fuel Subsidy Removal for Nigeria’s economic growth and development. The increasing arguments amongst economists and policy makers that while stability in exchange rate promotes growth and improves standard of living, misaligned exchange rate hinders export growth causing macroeconomic instability (Adigwe, 2013). The optimal goal amongst others for devaluing naira and removal of fuel subsidy is to strike a competitive stance in the international economic system and ensure that it lingers on for period of time to be able to see the economy transitioning from a developing economy to a developed country, as it is the burning desires of most African countries for which Nigeria is a major. Positions and opinions taken by scholars especially within Africa brings to limelight the fact that currency devaluation and fuel subsidy removal may serve as instrument being implemented by the International Monetary Fund and World Bank to attain fiscal equalization and stability for developed countries,Show MoreRelatedEconomy of Pakistan1686 Words   |  7 Pages60-1 USD to over 80-1 USD in a few months. For the first time in years, it may have to seek external funding as Balance of Payments support. 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