Title pagei

Certification ii

Dedication iii

Acknowledgement iv

Table of contents v


1.0 Introduction

1.1 State of the problem

1.2 Objective of the study

1.3 Significance of the study

1.4 Background of the study

1.5 Research question

1.6 Research Hypothesis

1.7 Plan of the study

1.8 Scope and limitation of the study

1.9 Definition of terms


Literature Review

2.1 What is Devaluation?

2.2 Devaluation of Naira

2.3 Condition favoring Devaluation

2.4 Argument Against the use of Devaluation to solve balance of payment Disequilibrium in Nigeria

2.5 Effect of currency Devaluation on manufacturing company

2.6 Possible solution to currency Devaluation



Research Methodology

3.1 Introduction

3.2 Research Design

3.3 Population Sampling Technique

3.4 Design of Questionnaire

3.5 Method of Data Analysis


Presentation, Analysis and interpretation of data

4.1 Introduction

4.2 Source of Data

4.3 Analysis of Data

4.3 Result of Findings

4.4 Result of Hypothesis


Summary, Conclusion and Recommendation

5.1 Summary

5.2 Conclusion

5.3 Recommendation





The issue of Nigeria exchange role of currency vis-a-vis other international trade currencies especially the American Dollar and British Pound steeling has become other of the day, many Nigeria that is carrying out business especially those that procure material from abroad. In July '1996 the Federal Government of Nigeria introduced structural adjustment programmer (SAP) to correct defect between balance of payment in both national and international trade. 

Likewise, on September 1986, THE Second tier foreign exchange market was introduced the rational for setting up the (SF EM) is based on the need of naira via the interplay of market force in July1987, Foreign Exchange Market (FEM) took over from SFEM and later it was changed to Authomous Foreign Exchange Market (AFEM) 

The Inter-Bank Foreign Exchange Market (IFEM) was officially introduced 25 of October 1999, to replace AFEM (Autonomous Foreign Exchange Market). On July 22, 2001 the Central Bank of Nigeria re-introduced the Auction method of exchange rate this is because the past the method used has been a failure because the realistic exchange rate of naira is yet to be achieved. However, since the introduction of new exchange rate in 2006, the value of naira or currency to tile United State Dollar has edged downward, further, there has been a widening gap between the parallel markets with the rate in the former is always on the increase. As a result of fundamental increase in exchange rate of Nigeria Currency and those of other countries day-in-day out has resulted in Naira Devaluation


Let look at the three basic function of a currency and ask if the Nigeria Currency: the Naira still satisfactorily fulfils those functions. The currency of a nation would normally serve as a medium of exchange, a standard of value and a store of value. A close perusal of these functions would show that in a complex economy, money is usually the only accepted medium through which a buyer pays a seller. The currency of a nation functions also as a store value. Money is a convenient way to store wealth for use whenever it is needed. If however, the value of a currency is not stable, the value of that wealth will diminish daily. The Nigeria currency has lost the ability to store value over a long period of time and as years go by. This does have severe consequence for the economy.

As of 2001, the most conspicuous fact about Nigeria economy is that the corruption and mismanagement of its post colonial governments has prevented the channeling of the country’s abundant natural and human resources especially its wealth in crude oil into lasting improvement in infrastructure and the construction of a sound base for self-sustaining economic development. Nigeria is poorer today than it was at independence in 1960. Under colonial rule; Nigeria remained an agricultural country, exporting raw materials to Britain and importing from it finished goods. While the industrialization of the country was discouraged, rudimentary foundation for a modern Nigeria economy however, were laid. It has been that the currency development is one of the economics which in turn affect the activities of company (Okin Biscuit Nigeria limited). In the cause of identifying the evaluation of the impact of continues Devaluation of Nigeria currency on industrial performance in Nigeria.


In consideration of the impact of continue devaluation of Nigeria currency on industrial performance on Nigeria, these are the following objective 

A) To examine the relevance the origin of continue devaluation of Nigeria currency on industry performance on Nigeria. 

B) To assess the relevance of continues devaluation of Nigeria currency option on industry performance on Nigeria. 

C To highlight the impact of continue devaluation of Nigeria currency on industrial performance on 

(D) To examine the possible short coming of continue devaluation of Nigeria currency in industry performance on Nigeria 


The study is revive of the particularly OKIN BISCUIT MANAGEMENT LIMITED IJAGBO, KWARA STATE. Companies that engage in manufacturing activities will found the result of the study (A the study useful in their operations. It will help the market policy in determining the realistic policy exchange rate of the currency to enhance industrial performance. Lastly, this research work would help industry to develop alternatives sources of raw material.


- Does currency devaluation affect the level of profit ability of the company?

- Is the capacity utilization of the machine under utilized as a result of currency devaluation?

- Does naira devaluation affect the level of productivity of a company?

- Has the company been able to meet the standard requirement?


- Currency devaluation does not affect production

- Does currency devaluation affect the value of profitability in the company?

- Capacity utilization of machine is under utilized as a result of currency devaluation


The research work will be divided in to five chapters. Each chapter contains the following:

Chapter one contain the background of the study on devaluation of Nigerian currency as it regard to industrial performance. The chapter contains with the aims and objective as well as the significant of the study. 

Chapter two deals with the theoretical frame work on devaluation of Nigeria currency as it regards to performance of OKIN BISCUIT MANAGEMENT LIMITED IJAGBO KWARA STATE.

Chapter three will discuss brief history of the case study, modes of data collection, data analysis technique, sampling size and research design, statement of hypothesis.

Chapter four will contain introduction, presentation and analysis to research questionnaire, according to test of hypothesis and case study report and generalization.

Finally chapter five will discuss the findings, summary, conclusion, recommendation and suggestion   for further study.


This research has focused on the impacts of continue devaluation of Nigerian currency on industrial performance in Nigeria. In order to cover this areas properly, Nigeria balance of payment was discussed, the various balance of payment adopted and Nigeria economy system was subject to devaluation of currency.


DEVALUATION: Is the reduction in value of a currency, relative to all other currencies. In a fixed rate regime, only a country’s central bank can undertake devaluation of its currency. The impact of devaluation is to make exports less expensive to foreign buyer and imports more expensive for domestic buyers. Thus devaluation will shift a country’s trade balance or balance of payment. Sufficient devaluation is presumed to make a country so much more competitive than other countries that competitive devaluation can in effect be considered the export of unemployment. However, following the Asian currency crisis, there is evidence devaluation is not always expansionary. The IMF has as part of its mission the mandate to discourage devaluation for competitive reasons in order to maintain of exchange rates. The opposite of devaluation is revalidation.

CURRENCY: In economics, currency refers to physical objects generally accepted as a medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspect of a nations money supply. The other part of a nations money supply consists of bank deposits (sometimes called deposit money) ownership of which can be transferred by means of cheques, debit card, or other forms of money transfer.

BALANCE OF PAYMENT: A record of all transactions made between one particular country and all other countries during a specified period of time. BOP compares the dollar difference of the amount of exports and imports including all financial export and imports. A negative balance of payment means that more money is flowing out of the country than coming in and vice versa.

COMPANIES: It is a collection of individuals are physical assets with a common focus and an aim of gaining profits. This collection exists in law and therefore a company is considered a legal person”. In English law in the common wealth realms a company is a body corporate or corporation company registered under the companies acts or similar legislation. It does not include a partnership or any other unincorporated group of persons, although such an entity may be loosely described as a company.

IMPORT: Is derived from the conceptual meaning as to bring in the goods and services into the part of a country. The buyer of such goods and services is referred to as “Importer” who is based in the country of import whereas the overseas based seller is referred to as “exporter”. Thus an import is any good e.g a commonly or service brought in from one country to another country in a legitimate fashion, typically for use in trade.

Imports, along with exports from the basis of international trade. Import of goods normally requires involvement of the customs authorizes in both the country of import and the country of export and is often subject to import quotes, tariffs and trade agreements.

EXPORT: The term export is derived from the conceptual meaning as to ship the goods and services out of the port of a country. The seller of such goods and services is referred to as an “exporter” who is based in the country of export whereas the overseas based buyer is referred to as “Importer”. In international trade, “exporter’ refers to selling goods and services produced in home country to other markers. Any good or commodity transported from one country to another country in a legitimate fashion, typically for use in trade.



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