Weeks after it was raised from ₦783 per dollar to ₦952 per dollar, the Central Bank of Nigeria (CBN) has again raised the exchange rate for cargo clearance from ₦952/$ to N1.356 per dollar.
In November, the exchange rate for cargo clearance was raised from ₦757 per dollar to ₦783 per dollar, representing a 3.4 percent increase, and was later raised from ₦783/$ to ₦952/$ in December.
However, it was observed on Friday that the new rate has been reflected on the portal of the Nigeria Customs Service.
Reacting to this, a member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, in a chat with The PUNCH on Friday, 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?”
Also speaking, an agent, Ben Anya, said that they woke up to the new rate, “which was before now set at N951 per dollar,”
Anya explained that with the latest increase in the exchange rate, the cost of clearing would increase.
“And this would also affect the cost of goods in the market. It would also lead to a drop in importation,” he said.
