The exchange rate for cargo clearance in Nigeria has been adjusted by the Federal Government through the Central Bank of Nigeria, increasing it from N952/$ to N1.356 per dollar.
This change comes just weeks after a previous increase from N783/$ to N952/$. In November, the rate was raised from N757 per dollar to N783 per dollar, marking a 3.4 per cent increase, and subsequently elevated from N783/$ to N952/$ in December.
Despite this, as of Friday, the new rate has been noted on the Nigeria Customs Service portal. Reacting to this development, Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, expressed concern about the significant increase from N952/$ to N1.356/$. Sikiru highlighted potential repercussions, such as automatic rises in prices of goods and commodities, decreased importation, and elevated vehicle prices.
He criticized the government for not focusing on the maritime industry amidst the currency unification, stating that neglect of the sector is exacerbating the situation. Sikiru questioned how freight forwarders and customs brokers would cope with this new rate.
Ben Anya, another agent, mentioned that they discovered the new rate upon waking up, which was previously set at N951 per dollar. Anya emphasized that the latest exchange rate increase would escalate the cost of clearing and, subsequently, impact the market by driving up the cost of goods and leading to a decline in importation.