The Federal Government, acting through the Central Bank of Nigeria, has elevated the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.
This decision, which follows a series of previous adjustments, is raising concerns among stakeholders.
Only weeks ago, the exchange rate experienced an upward revision from N783/$ to N952/$. In November, a 3.4% increase saw the rate climb from N757 per dollar to N783 per dollar. Subsequently, December witnessed another surge, reaching the newly set N952/$.
Responding to this development, Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, expressed dismay, highlighting potential consequences.
Sikiru stated, “How do we explain this? From N952/$ to N1.356/$ 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.”
Ben Anya, another agent, echoed these concerns, noting the abrupt nature of the rate adjustment.
He stated that the elevated exchange rate would inevitably lead to increased clearing costs, subsequently affecting the overall prices of goods in the market and potentially causing a decline in importation.
