ICYMI: FG Increases Exchange Rate For Cargo Clearance(Check New Rate Here)

The 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 weeks after the rate was raised from N783 per dollar to N952 per dollar.

It would be recalled that in November, the exchange rate for cargo clearance was increased from N757 per dollar to N783 per dollar, marking a 3.4 per cent rise.

Subsequently, in December, it was further raised from N783 per dollar to N952 per dollar.

As of Friday, the updated rate has been implemented on the Nigeria Customs Service portal.

 

ICYMI: FG Increases Exchange Rate For Cargo Clearance(Check New Rate Here)

 

In response to this development, a member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, expressed his views during a conversation with The Punch on Friday.

He 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 regarding importation and exportation.

The sector has 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?”

Adding to the conversation, agent Ben Anya mentioned that they were surprised by the new rate, which was previously set at N951 per dollar.

Anya elaborated that the recent rise in the exchange rate would result in increased clearing costs.

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