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EFFECTS OF CURRENCY DEVALUATION ON THE PERFORMANCE OF BUSINESSES IN THE NORTH-WESTERN NIGERIA: A CONCEPTUAL MODEL
Abstract: This is a conceptual study that proposes to examine the association between Currency Devaluation/ depreciation and the performances of businesses in the North-western geopolitical zone of Nigeria. Strategic management analysts are in agreement on the fact that business are at the receiving end of environmental factors. Currency devaluation is thus a crucial environmental factor been a macroeconomic policy tool. The idea of devaluing the Naira as a matter of policy started in 1986 when the Structural Adjustment Program. Recently, with the spiralling decline in the price of crude oil in the global market, there is a renewed call by the IMF and some experts on a further devaluation of the Naira. The government of Nigeria and other experts are kicking against the idea citing adversity of the policy on local businesses in the light of Nigeria’s poor foreign trade base. There also seem to be a theoretical conflict between the resort to devaluation and Nigeria’s state of foreign trade in the light of Marshal-Lerner condition. This study has extensively reviewed related literature and seeks to elicit data using survey of six organisations to be purposively identified; and secondary data from the Central Bank of Nigeria (CBN) publications. Descriptive statistics will be employed to test the hypothesized model.
Keywords: Currency Devaluation, Depreciation, Business Performance, Strategic management, Performance measurement.