JUST IN: Fed Govt hikes exchange rate for cargo clearance to N1,356/$

As Nigeria’s economic troubles intensify, President Bola Tinubu’s government, through the Central Bank of Nigeria, hiked the cargo clearing exchange rate from N952/$ to N1.356/$.

In December 2023, the government raised the cargo clearance charge from N783/$ to N952/$.

According to The PUNCH, the Tinubu government hiked the cargo clearance exchange rate from N757 to N783 per dollar in November 2023, a 3.4% rise. In December, it increased it from N783/$ to N952/$ in less than a month.

The Nigeria Customs Service has begun applying the new rate in its transactions.

Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, expressed concern about the hike during an interview with the newspaper.

Sikiru 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 as regards importation and exportation.”

He lamented that the sector had been neglected and things were getting worse by the day. “The question now is, how would freight forwarders and customs brokers agents cope with this new rate?”

Also speaking, an agent, Ben Anya, said that they woke up to the new rate, “which was before now set at N951 per dollar.”

Anya explained that with the latest increase in the exchange rate, the cost of clearing would increase.

“And this would also affect the cost of goods in the market. It would also lead to a drop in importation,” he said.