Naira devaluation has made Nigerian goods affordable for African countries- Custom

Naira devaluation has made Nigerian goods affordable for African countries- Custom

 

 “We are talking about
the exchange rate of 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 has
a negative impact on 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.”

 

Bomodi said the devaluation of the naira has boosted the
local economy.

 

“Even, a devalued naira is an advantage for export, So it’s
not such a negative thing but in trade, you have to balance both ends,” he
said.

 

“Here at Seme-Krake border post, we have our primary
responsibility as customs which is facilitation of legitimate trade.

 

 “We deal with a lot
of imports and exports and enforce fiscal policies of the government,
particularly in area of prohibition.

 

“In Seme-Krake, the Lagos-Abidjan corridor is considered as
the most viable trade corridor in West Africa and indeed the whole of Africa.

 

“So viable, so strategic to the economic development of
Africa that the European Union and other international agencies are ready to
cough out a humongous amount of money to develop infrastructure around this
axis.”

 

On June 14, 2023, the Central Bank of Nigeria (CBN)
announced the unification of all segments of the foreign exchange (FX) market.

 

The apex bank said all FX windows are now collapsed into the
investors and exporters (I&E) window.

 

Since the float of the naira, there have been consistent
fluctuations in the FX market.

 

On June 7, the naira appreciated to N1,490 per dollar at the
parallel section of the FX market from N1,500/$ on June 5.

 

Within the same period, the naira appreciated at the
official window to close at N1,483.29/$, from N1,488.60/$.

 

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