The reduction in the value of a country’s currency in relation to the value of...
ECONOMICS
JAMB 2018
The reduction in the value of a country’s currency in relation to the value of the currencies of other nation is known as____________
- A. Deflation
- B. Inflation
- C. Devaluation
- D. Revaluation
Correct Answer: C. Devaluation
Explanation
Devaluation is the official reduction of the exchange value of national currency in relation to the currencies of other countries. It is also the fall in the exchange value of a country's currency in relation to the currencies of other countries.
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