Importers lament exchange rate fluctuation

Automobile spare parts and machinery dealers and importers have lamented the fluctuation of exchange rate on their businesses.

Speaking with SHIPS & PORTS DAILY at the official opening of the newly constructed automobile spare parts market at the International Trade Fair Complex, Lagos yesterday, the dealers under the auspices of United Allied Spare Parts Dealers Association (UASPDA) complained about the effect of the high exchange rate on importation.

The Chairman of the association, Bartholomew Achukwu said the fall of the naira against major international currencies has adversely affected his members’ business.

He said, “Fluctuation of the dollar has affected our business. Some of our members have lost huge amount of money as cost of importing goods into the country has risen.”

He however asked the federal government to encourage exportation in order to strengthen the naira against the dollar.

Speaking on the new market that was officially declared opened; he said the association decided to have its own market after the lease agreement at the ASPAMDA market the expired.

He said, “At the new market, we have 3000 lockup stores for all our members whether you subscribed from the start of the project or when we have already begun the project.

“We have declared this place open and anyone who has investment here should start doing his business.”

He however cautioned against fomenting trouble in the market advising anyone with grievances to go through the right channel.

Also speaking, the General Secretary of the association, Simon Uzoetus said the new market was a combination of hard work of the executives and members of the association.


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