Just In: Prices To Increase As FG Raises Exchange Rate For Cargo Clearance To N1.356 Per Dollar

Just In: Prices To Increase As FG Raises Exchange Rate For Cargo Clearance To N1.356 Per Dollar

The Bola Tinubu-led federal government, through the Central Bank of Nigeria (CBN), has increased the exchange rate for cargo clearance from N952 per dollar to N1.356 per dollar.

This adjustment follows recent increases in the exchange rate for cargo clearance, reflecting a continuing trend of fluctuations in the country’s foreign exchange policies.

The exchange rate for cargo clearance was initially raised from N757 per dollar to N783 per dollar in November, representing a 3.4% increase.

Subsequently, it was further increased to N952 per dollar in December.

According to Punch newspaper, the rate has now been adjusted to N1.356 per dollar.

Members of the Association of Nigerian Licensed Customs Agents and other stakeholders have expressed concerns over the frequent changes in exchange rates, emphasizing the potential impact on the cost of clearing and, subsequently, on commodity prices.

According to them, the adjustments could also have broader implications for importation and exportation activities, influencing trade dynamics in the country.

A member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, 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 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.

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