Cargo Clearance Costs Soar: FG Elevates Exchange Rate To N1,356/$ In Fresh Adjustment

Cargo Clearance Costs Soar: FG Elevates Exchange Rate to N1,356/$ in Fresh Adjustment

In a surprising move, the Federal Government, acting through the Central Bank of Nigeria, has once again adjusted the exchange rate for cargo clearance, raising it from N952 per dollar to N1.356 per dollar. This comes just weeks after a previous increase from N783 per dollar to N952 per dollar…..CONTINUE READING

The latest adjustment, implemented on the Nigeria Customs Service portal, has left many in the industry grappling with the implications. The exchange rate for cargo clearance has seen a significant 79.3% rise since November when it was N757 per dollar.

Reacting to the development, Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, expressed concern over the continuous surge. He highlighted the potential consequences, foreseeing automatic increases in the prices of goods and commodities. Importation is expected to decline further, leading to depreciation, and vehicle prices are likely to soar once again.

Ben Anya, another agent, voiced surprise at the new rate, which was previously set at N951 per dollar. He emphasized that the sudden rise would inevitably result in escalated clearing costs, ultimately affecting the overall cost of goods in the market. Anya predicted a potential drop in importation due to the increased financial burden on freight forwarders and customs brokers.

As stakeholders grapple with the implications, the industry awaits further insights into the government’s approach to the maritime sector amidst concerns of neglect and worsening conditions.