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Naira Devaluation Triggers High Cost Of Production - Politics - Nairaland

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Naira Devaluation Triggers High Cost Of Production by teeebugs: 9:52am On Dec 19, 2014
The devaluation of naira is adversely impacting on the Nigerian manufacturing sector as manufacturers lament high cost of production.

According to sectoral players, the attendant impact of plunging oil price, already sending economic and political shockwaves around the world and the devaluation of the naira are spiking the cost of production.

For instance, the Manufacturing Association of Nigeria (MAN) is already exploring ways to mitigate the consequences of the anticipated economic backlash.

The MAN hurriedly summoned an emergency meeting of its Economic Policy Committee (EPC) in Lagos to discuss the issues and the way forward. Sources revealed that members lamented the severe impact of the erosion of the Nigerian Naira’s purchasing parity on their business and the attendant increase in prices of their raw material, machineries, spare parts and all other import-dependent procurements.

Read full story
http://monitor9ja.com/2014/12/naira-devaluation-triggers-high-cost-production/

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