Question on: JAMB Commerce - 2019
A fall in the value of a country's currency vis-a-vis other currencies is known as__________
A
Depreciation
B
Reduction
C
Devaluation
D
Exchange rate
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Correct Option: C
Devaluation in macroeconomics and modern monetary policy, a devaluation is an official lowering of the value of a country's currency within a fixed-exchange-rate system, in which a monetary authority formally sets a lower exchange rate of the national currency in relation to a foreign reference currency or currency basket. Wikipedia
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