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At Onitsha main market in Anambra State, Pechilly Investigative Business News correspondent
met Mr.Emeka Kenneth Ugwumba an importer on how the economy is taking its toll on local businesses.
In his words,Mr. Ugwumba said the local businesses are seriously suffering affected by the current exchange rate of dollars to the naira, he said that local businessmen and importers in the market are under harsh business environment as the CBN monetary policies negatively affects local businesses as it is very hard for them importers to get foreign exchange from the bank, rather they source foreign exchange from the black markets at a very high price of 480 naira per dollar hence the prices of goods being imported also rises astronomically.
According to Ugwumba he said, that customers, don’t come to the market as usual unlike before to patronize them due to high cost of goods , this made them to make minimal profits unlike before now.
Moreover, the issue of exorbitant shipping fees from China to Nigeria is a very big burden to the importers as the shipping companies doing business in Nigeria collects triple of what their counterparts in other countries takes. This they say is because of excessive taxation and levies by ports authorities on them which they inadvertently adds up the cost of goods imported from abroad.
In conclusion, Mr. Emeka Ugwumba ask the Federal government and the CBN to reconsider their stance on monetary policies by loosening up their policies to encourage local businesses to grow .