Customs Controller explains positive impact of naira depreciation on exports

Timi Bomodi, the Customs Area Controller for Seme Command, stated on Sunday that the export of Nigerian domestic goods to surrounding West African nations has benefited from the Naira’s depreciation.

In an interview with NAN on Sunday in Seme, close to Badagry, Bomodi clarified that the Naira’s devaluation presented a chance for certain foreigners to purchase commodities from Nigeria.

The controller claims that market forces—that is, supply and demand—usually have an impact on imports and exports.

He claimed that the buying power or demand of the populace is greatly influenced by the exchange rate.

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We are referring to the Naira’s exchange rate and how it affects exports. You now learn that Nigerian-made goods are regarded as inexpensive in the region as the value of the Naira starts to fall.

“While we complain that the exchange rate hurts imports, it actually helps exports, which encourages people in neighbouring countries to want to buy goods from Nigeria.”

Undoubtedly, the strong dollar made it impossible for us to purchase items, but many seized the chance presented by the low Naira to import goods from Nigeria.

“You discover that what makes Nigerians go to their neighbours is now making them come to Nigeria, so for the first time, you have a net export gain for Nigeria vis a vis her neighbouring countries,” he remarked.