• February 21, 2024

FG Raises Exchange Rate For Cargo Clearance To N1,356/$

 FG Raises Exchange Rate For Cargo Clearance To N1,356/$

By Damilare Adeleye

The Federal Government, through the Central Bank of Nigeria, has elevated 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 was reported 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.

However, on of Friday, it was learnt that the updated rate has been implemented on the Nigeria Customs Service portal.

Reacting to this development, a member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, expressed his views during a conversation with newsmen 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?”

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