{"id":326549,"date":"2024-06-10T05:36:17","date_gmt":"2024-06-10T04:36:17","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=326549"},"modified":"2024-06-10T05:38:02","modified_gmt":"2024-06-10T04:38:02","slug":"naira-devaluation-benefitting-manufacturers-boosting-exports-customs","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/06\/10\/naira-devaluation-benefitting-manufacturers-boosting-exports-customs\/","title":{"rendered":"Naira devaluation benefitting manufacturers, boosting exports to African countries \u2013 Customs"},"content":{"rendered":"<ul>\n<li><strong>He noted that African countries now go for Nigerian made goods amid continued naira depreciation<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>Timi Bomodi, comptroller of Seme command, Nigeria Customs Service (NCS), says manufacturers are now making brisk businesses with <a href=\"https:\/\/www.withinnigeria.com\/news\/2024\/05\/23\/naira-devaluation-nigerian-students-in-uk-university-forced-to-discontinue-return-home\/\">naira devaluation<\/a> .<\/p>\n<p>Speaking on Sunday during an interview with the News Agency of Nigeria (NAN), bomodi disclosed that devaluation has positively impacted exports as Nigerian goods are now affordable to African countries.<\/p>\n<p>He noted that African countries now go for Nigerian made goods amid continued naira depreciation, saying the situation may be bad for imports but it has significantly aided exports.<\/p>\n<p>\u201cThe exchange rate plays a big role in determining the demand or the purchasing power of the people,\u201d Bomodi said.<\/p>\n<p>\u201cWe 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.<\/p>\n<p>\u201cThis 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.<\/p>\n<p>\u201cYes, we couldn\u2019t buy goods because the dollar was high but people saw a cheap naira as an opportunity to get goods from Nigeria.<\/p>\n<p>\u201cFor 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.\u201d<\/p>\n<p>Bomodi said the devaluation of the naira has boosted the local economy.<\/p>\n<p>\u201cEven, a devalued naira is an advantage for export, So it\u2019s not such a negative thing but in trade, you have to balance both ends,\u201d he said.<\/p>\n<p>\u201cHere at Seme-Krake border post, we have our primary responsibility as customs which is facilitation of legitimate trade.<\/p>\n<p>\u201cWe deal with a lot of imports and exports and enforce fiscal policies of the government, particularly in area of prohibition.<\/p>\n<p>\u201cIn Seme-Krake, the Lagos-Abidjan corridor is considered as the most viable trade corridor in West Africa and indeed the whole of Africa.<\/p>\n<p>\u201cSo 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.\u201d<\/p>\n<p>On June 14, 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the foreign exchange (FX) market.<\/p>\n<p>The apex bank said all FX windows are now collapsed into the investors and exporters (I&amp;E) window.<\/p>\n<p>Since the float of the naira, there have been consistent fluctuations in the FX market.<\/p>\n<p>Naira as continued to hover between N1400 to 1500\/$ for weeks now after a drastic gain between in between March and April.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>He noted that African countries now go for Nigerian made goods amid continued naira depreciation Timi Bomodi, comptroller of Seme command, Nigeria Customs Service (NCS), says manufacturers are now making brisk businesses with naira devaluation . Speaking on Sunday during an interview with the News Agency of Nigeria (NAN), bomodi disclosed that devaluation has positively [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":310560,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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