Cargo clearance exchange rate hits N1,356 per dollar

The Central Bank of Nigeria, acting on behalf of the Federal Government, has raised the exchange rate for cargo clearance from N952 per dollar to N1.356 per dollar. This adjustment comes after a recent increase from N783 per dollar to N952 per dollar and a prior rise from N757 per dollar to N783 per dollar in November, reflecting a 3.4% increment.

As of Friday, the updated rate has been implemented on the Nigeria Customs Service portal, marking a substantial change in the financial landscape for cargo clearance. In response to this development, Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, voiced concerns about the implications of the adjustment.

Expressing dismay, Sikiru highlighted the potential consequences, including automatic increases in the prices of goods and commodities, a decline in importation, and a surge in vehicle prices. He criticized the government’s failure to address issues within the maritime industry and questioned how freight forwarders and customs brokers would navigate the challenges posed by the new exchange rate.

In a similar vein, agent Ben Anya expressed surprise at the revised rate, which was previously set at N951 per dollar. Anya predicted that the heightened exchange rate would contribute to higher clearing costs, subsequently impacting the overall cost of goods in the market and potentially leading to a reduction in importation.