ENUGU, Nigeria (VOICE OF NAIJA)- The Federal Government of Nigeria, through the Central Bank of Nigeria (CBN), has elevated the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.
This adjustment follows a series of previous increases, with the rate climbing from N757 per dollar in November to the current N1.356 per dollar.
This new rate, prominently reflected on the Nigeria Customs Service portal as of Friday, has sparked concerns among members of the Association of Nigerian Licensed Customs Agents.
Reacting to this on Friday, a member of the Association Remilekun Sikiru expressed dismay at the hike, stating that the substantial jump from N952/$ to N1.4/$ would inevitably result in increased prices of goods and commodities.
READ ALSO: CBN Directs Banks To Sell Excess Dollars To Stabilize Exchange Rate
Speaking with Punch, Sikiru highlighted the potential consequences, including a probable decline in importation and a surge in vehicle prices.
“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 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?”
Ben Anya, another agent, noted that the sudden adjustment, previously set at N951 per dollar, would escalate the cost of clearing.
He predicted a ripple effect, impacting the overall cost of goods in the market and potentially leading to a decrease in importation.
The maritime industry’s neglect in the government’s unification efforts has raised concerns about how freight forwarders and customs brokers will navigate the challenges posed by this new exchange rate.