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FG increases cargo clearance exchange rate to N1,356/$

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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.

A few weeks have passed after the rate increase from N783/$ to N952/$.

The exchange rate for cargo clearance was increased from N757 to N783 per dollar in November, a 3.4% rise. In December, it was hiked from N783/$ to N952/$.

Few hours ago, the updated rate was evident on the Nigeria Customs Service portal.

“How do we explain this?,” asked Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, in response to this. 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 which will have an impact on market prices for items and imports would decline.

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