How depreciation of naira impacts positively on exports – Customs Controller

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How depreciation of naira impacts positively on exports – Customs Controller
How depreciation of naira impacts positively on exports – Customs Controller

Africa-Press – Nigeria. The Customs Area Controller, Seme Command, Timi Bomodi, on Sunday, said the depreciation of Naira has positively impacted on exportation of Nigeria’s local products to neighbouring countries in West Africa.

Bomodi, who spoke in an interview with NAN in Seme, near Badagry on Sunday, explained that the depreciation of the Naira was an opportunity for some people from other countries to buy goods from Nigeria.

According to the controller, imports and exports are usually affected by market forces “and by this, we mean both the demand and supply”.

He said the exchange rate plays a significant role in determining the demand or the purchasing power of the people.

“We are talking about the exchange rate of the Naira vis a vis its impact on exports. Now as the value of Naira begins to decline, you find out that Nigerian-made goods are considered cheap within the region.

“This encourages people from neighbouring countries to want to purchase goods from Nigeria but while we complain that the exchange rate hurts imports, it has a positive impact on exports.

“Yes, we couldn’t buy goods because the dollar was high but people saw a cheap Naira as an opportunity to get goods from Nigeria.

“For the first time, you have a net export gain for Nigeria vis a vis her neighbouring countries, because you find out that what makes Nigerians go to their neighbours is now making them come to Nigeria,” he said.

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