FG Raises Cargo Clearance Exchange Rate To N1,356/$

In a move, the Federal Government, acting through the Central Bank of Nigeria, has elevated the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.

This development follows closely on the heels of a recent increase from N783/$ to N952/$, raising eyebrows within the business community.

November witnessed an initial bump in the exchange rate for cargo clearance, surging from N757 per dollar to N783 per dollar, a 3.4% uptick. Subsequently, December saw a further increase from N783/$ to N952/$. Observations on Friday revealed that the new rate has already found its way onto the Nigeria Customs Service portal.

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Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, expressed deep concern over the latest adjustment, stating, “How do we explain this? From N952/$ to N1.356/$ 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.”

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In a conversation with The Naijakiosk on Friday, Ben Anya, another customs agent, pointed out the sudden shift in the exchange rate, previously set at N951 per dollar.

Anya highlighted that this unexpected increase would directly impact the cost of clearing, causing a ripple effect on market prices and potentially leading to a decline in importation.

The consensus among customs agents seems to be a shared concern for the economic implications of this latest adjustment.

The industry is grappling with the aftermath of unanticipated policy shifts, prompting questions about the government’s strategy and the overall impact on the maritime sector.

As prices surge and importation falters, stakeholders are left questioning how they will navigate the challenges posed by this new exchange rate.

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