The Central Bank of Nigeria (CBN) has increased the exchange rate for cargo clearance from N1.4 per dollar to N1.356 per dollar. This is the latest adjustment in the exchange rate for cargo clearance, which has been fluctuating in recent times due to changes in foreign exchange policies. The rate was initially increased from N1.3 to N1.35 per dollar in November, representing a 3.4% increase, and then further increased to N1.4 per dollar in December.
Stakeholders, including members of the Association of Nigerian Licensed Customs Agents, have expressed concerns over the frequent changes in exchange rates, stating that it could lead to an increase in the cost of clearing and commodity prices. They also fear it could impact importation and exportation activities, affecting trade dynamics in the country.
Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, expressed his disappointment over the situation, stating that the government has neglected the industry and not looked critically into importation and exportation. He also raised concerns over how freight forwarders and customs brokers agents would cope with the new rate.
Another agent, Ben Anya, explained that with the latest increase in the exchange rate, the cost of clearing would increase, leading to an increase in the cost of goods in the market and a drop in importation.