Timi Bomodi, the Customs Area Controller for Seme Command, stated on Sunday that the export of Nigerian domestic goods to neighboring 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.
We are discussing the Naira’s exchange rate in relation to its effect on exports. Now that the Naira is starting to lose value, you learn that products created in Nigeria are valued less in the area.
This makes people from nearby nations desire to buy items from Nigeria, however even while we lament the negative effects of the exchange rate on imports, exports are positively impacted.
