The Federal Government through the Central Bank of Nigeria has increased the exchange rate for cargo clearance from N952/$ to N1.356 per dollar
This development follows weeks after the rate was adjusted from N783/$ to N952/$.
In November, the exchange rate for cargo clearance experienced a 3.4% increase, rising from N757 per dollar to N783 per dollar. Subsequently, in December, the rate was further raised from N783/$ to N952/$.
Reports state that the new rate has been updated on the Nigeria Customs Service portal.
Responding to this, Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, expressed concern over the substantial increase, stating, ‘How do we explain this? From N952/$ to N1.4/$ as of Friday morning with about N404 increase? It’s quite unfortunate that the prices of goods and commodities will automatically increase. Importation would further decrease and depreciate, vehicle prices would skyrocket again.
“Since this unification of a thing, the government has refused to look inward and critically into the maritime industry as regards importation and exportation. The sector have been neglected and things are getting worse daily. The question now is, how would freight forwarders and customs brokers agents cope with this new rate?”
Also speaking, an agent, Ben Anya, said that they woke up to the new rate, “which was before now set at N951 per dollar,”
Anya explained that with the latest increase in the exchange rate, the cost of clearing would increase.
“And this would also affect the cost of goods in the market. It would also lead to a drop in importation,” he said.