FG raises exchange rate for cargo clearance to N1,356/$

The Federal Government through the Central Bank of Nigeria on Friday raised the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.

It was gathered that the new rate has reflected on the Nigeria Customs Service’s portal.

The increment is coming weeks after the rate was increased from N783/$ to N952/$.

In November, 2023, the exchange rate for cargo clearance was raised from N757 per dollar to N783 per dollar, representing a 3.4 per cent increase, and was later raised from N783/$ to N952/$.

A member of the Association of Nigerian Licensed Customs Agents, Mr Remilekun Sikiru, while reacting to the development, said, “How do we explain this? From N952/$ to N1.356/$ 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?”

While lamenting the increment, an agent, Ben Anya, said that he woke up to the new rate.

Anya noted that with the latest increase in the exchange rate, the cost of clearing would increase.

“This would also affect the cost of goods in the market. It would also lead to a drop in importation,” he said.