The Federal Government, through the Central Bank of Nigeria (CBN), has announced an increase in the exchange rate for cargo clearance from N952/$ to N1.356 per dollar. This adjustment follows a previous increase from N783/$ to N952/$ in recent weeks.
Initially raised from N757 per dollar to N783 per dollar in November, representing a 3.4% increase, the exchange rate for cargo clearance experienced another upward adjustment in December to N952/$. The latest rate of N1.356 per dollar has now been reflected on the Nigeria Customs Service portal.
Reacting to this development, a member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, expressed concern about the continuous upward adjustments in the exchange rate. He noted that the significant increase from N952/$ to N1.356/$ would have implications on the prices of goods and commodities, potentially leading to a decrease in importation and depreciation.
Sikiru also criticized the government for neglecting the maritime industry, especially in addressing the challenges related to importation and exportation. He raised questions about how freight forwarders and customs brokers would cope with the new rate.
Another agent, Ben Anya, highlighted that the sudden increase in the exchange rate, which was previously set at N951 per dollar, would result in higher clearing costs. This, in turn, is expected to impact the overall cost of goods in the market and potentially contribute to a reduction in importation activities.