The Central Bank of Nigeria, acting on behalf of the Federal Government, increased the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.
A few weeks have passed since the rate increase from N783/$ to N952/$.
The exchange rate for cargo clearance was increased from N757 to N783 per dollar in November, a 3.4% increase. In December, it was raised from N783/$ to N952/$.
On Friday, though, our correspondent noticed that the Nigeria Customs Service portal now shows the updated rate.
In response, Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, asked, “How do we explain this?” in a chat with a reporter on Friday. From N952/$ to N1.356/$ as of Friday morning, an increase of roughly N404? The fact that commodities and goods prices will inevitably rise is regrettable. Car prices would soar once more as imports would decline and fall even more.
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“Since this unification of a thing, the government has declined to critically examine the import and export aspects of the maritime industry on an internal basis. The industry has been disregarded, and every day things get worse. How would customs brokers and freight forwarders handle this new rate is the current question.
Ben Anya, an agent, also spoke and stated that they were awakened to the new rate, “which was previously set at N951 per dollar.”
Anya clarified that the cost of clearing would go up due to the most recent increase in the exchange rate.
Additionally, this would have an impact on market prices for goods. Additionally, imports would decline,” he stated.
