Effect Of Devaluation Of Nigeria Currency On Market Share Of The Manufacturing Firms In South-East, Nigeria
Nweze, Austin Uche PhD. (Nig)
Department of Accountancy, Faculty of Management Science, Enugu University of Science and Technology, Enugu
Ejim, Emeka Patrick PhD. (Nig)
Department of Business Administration and Management, School of Business Studies, Institute of Management and Technology, Enugu
Keywords: DEVALUATION OF NIGERIA CURRENCY, MARKET SHARE, retained earnings, , dividend payment
Abstract
The study focused on “Effect of devaluation of Nigeria currency on market share of Manufacturing Firms in South-East, Nigeria”. The specific objectives were to: i). Examine the effect of currency devaluation on the share price of the manufacturing firms in South-East Nigeria; ii) determine the effect of currency devaluation on the retained earnings of the manufacturing firms in South-East Nigeria; and iii) evaluate the effect of currency devaluation on dividend payment of the manufacturing firms in South-East Nigeria. The quantitative and qualitative were used in collection data. Explanatory mixed method design was adopted in the study. The population of the study include all 845 employees of the manufacturing firms operating in South-East Nigeria. The researcher randomly selected three hundred and fifty three (353) for the purpose of the study. . The pilot study conducted in South-East Nigeria because of its population. 20 copies of the questionnaire were distributed to respondents to pre-test the study schedule to ensure validity. The questionnaire to be returned will be analyzed. The data from the study were analyzed using the SPSS. The study concluded that currency devaluation has an effect on the production, citizens, importation and exportation of goods, economy and the government itself. However, it has been noted that the devaluation of Nigeria’s currency was a blessing from inception until the emergence of the democracy era of government. The study recommended that manufacturing sector is an avenue for trade expansion and it is a vital source of innovation and competitiveness and they should make outsized contributions to exports and productivity growth of the economy.