The Central Bank of Nigeria, on behalf of the Federal Government, has raised the exchange rate for cargo clearance from N952/$ to N1,356 per dollar. This move, the second increase in recent months, is expected to have significant implications for importers in Nigeria.
Following previous adjustments in November and December, the exchange rate for cargo clearance has experienced successive increments. The latest change has been promptly reflected on the Nigeria Customs Service portal, indicating its immediate implementation.
Reacting to this development, Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, expressed concerns about the potential impact on prices of goods and commodities. He highlighted the likelihood of increased import costs, leading to inflated consumer prices and a reduction in importation activities.
Another agent, Ben Anya, pointed out that the sudden increase in the exchange rate would directly raise the cost of clearing shipments, subsequently affecting market prices and import volumes.
These adjustments to the exchange rate for cargo clearance have sparked apprehension among industry stakeholders, who are questioning the government’s approach in addressing the challenges faced by the maritime industry.
The unfolding situation raises critical questions about the future of importation, exportation, and the sustainability of trade practices in Nigeria. As uncertainties persist, it remains to be seen how freight forwarders and customs brokers will navigate through the ramifications of this new exchange rate regime.
