JUST IN: FG increases the exchange rate to N1,356/$ for cargo clearance.
The Central Bank of Nigeria, acting on behalf of the Federal Government, increased the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.
Weeks after the rate was raised from N783/$ to N952/$, this is happening.
A 3.4% rise was made to the exchange rate for cargo clearance in November, from N757 to N783 per dollar, and another 3.4% increase was made in December, from N783/$ to N952/$.
Our source did note, however, that the Nigeria Customs Service portal now shows the updated rate as of Friday.
In response, Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, asked, "How do we explain this?" in a Friday conversation with The PUNCH. From N952/$ to N1.4/$ as of Friday morning, a gain of around N404? The fact that commodities and products prices will inevitably rise is regrettable. Car prices would soar once more as imports would decline and fall even more.
"Since this unification of a thing, the government has declined to seriously examine the import and export aspects of the maritime industry on an internal basis. The industry has been disregarded, and every day things become worse. How would customs brokers and freight forwarders handle this increased pricing is the current question.
Ben Anya, an agent, also spoke and stated that they were awakened to the new rate, "which was previously set at N951 per dollar."
Anya clarified that the cost of clearing would go up due to the most recent increase in the currency rate.
Additionally, this would have an impact on market prices for items. Additionally, imports would decline," he stated.
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