FG Announces Immediate Change in Exchange Rate for Cargo Clearance to N1,356/$

The Central Bank of Nigeria, acting on behalf of the Federal Government, has elevated the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.

This adjustment comes a few weeks after the rate surged from N783/$ to N952/$. In November, there was a 3.4% increase in the exchange rate for cargo clearance, rising from N757 per dollar to N783 per dollar. Subsequently, in December, the rate experienced another uptick from N783/$ to N952/$.

A recent check by our correspondent revealed that the updated rate is now reflected on the Nigeria Customs Service portal. Responding to this development, Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, expressed concern over the significant increase from N952/$ to N1.4/$, amounting to a N404 increment.

Sikiru highlighted potential consequences, anticipating automatic escalations in the prices of goods and commodities. He also predicted a decline in importation, leading to further depreciation and surges in vehicle prices. Criticizing the government’s approach, Sikiru emphasized the neglect of the maritime industry in the context of importation and exportation.

Another agent, Ben Anya, noted the abrupt change in the rate, previously set at N951 per dollar. Anya pointed out that the heightened exchange rate would result in increased clearing costs, subsequently affecting market prices and potentially causing a reduction in importation.

Oluchi Omai

Oluchi Omai is a Blogger/ Content Creator, he is a prolific writer and movie maker.

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