The Central Bank of Nigeria, acting on behalf of the Federal Government, has adjusted the exchange rate for cargo clearance from N952 per dollar to N1.356 per dollar.
This modification comes after successive increases in the exchange rate over the past weeks, starting from N783 per dollar and reaching N952 per dollar.
Recall that in November, the exchange rate for cargo clearance was increased from N757 per dollar to N783 per dollar, marking a 3.4 per cent rise.
Subsequently, in December, it was further raised from N783 per dollar to N952 per dollar.
The updated exchange rate has been implemented on the Nigeria Customs Service portal as of Friday.
Responding to the development, members of the Association of Nigerian Licensed Customs Agents expressed concerns about the significant increase in the exchange rate.
In response to this development, a member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, expressed his views during a conversation with The PUNCH on Friday, he noted the potential implications on the prices of goods, importation, and vehicle costs, emphasizing the neglect of the maritime industry by the government.
He said, “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 regarding importation and exportation. The sector has 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?”
Ben Anya, another agent, highlighted the surprise among agents regarding the new rate and predicted that it would lead to higher clearing costs and subsequently impact the prices of goods in the market while causing a decline in importation.
Ada Peter
