The Customs Area Controller of Seme Command, Timi Bomodi, highlighted on Sunday the positive impact of the depreciation of the Naira on Nigeria’s exportation of local products to neighbouring West African countries.
In an interview with the News Agency of Nigeria (NAN) in Seme, near Badagry, Bomodi explained that the weakening Naira had created an opportunity for individuals from other countries to purchase goods from Nigeria. He emphasized the role of market forces, including both demand and supply dynamics, in influencing imports and exports, with the exchange rate playing a pivotal role in determining purchasing power.
Bomodi pointed out that as the value of the Naira declined, Nigerian-made goods became more affordable within the region. This affordability prompted people from neighbouring countries to opt for Nigerian products. He underscored that while the high dollar exchange rate had previously hindered imports, the depreciation of the Naira had paradoxically led to a boost in exports.
The Customs Area Controller noted that for the first time, Nigeria experienced a net export gain vis-à-vis its neighbouring countries, as the depreciation of the Naira made Nigerian goods more appealing to consumers across the region.
This development signifies a significant shift in Nigeria’s trade dynamics and highlights the importance of monitoring currency fluctuations in influencing international trade patterns.
