FG Raises Exchange Rate For Cargo Clearance To N1,356/$

According to reports, FG increased the exchange rate from N952/$ to N1,356/$ for cargo clearance

President Bola Tinubu's administration increased the exchange rate for cargo clearance from N952/$ to N1,356 per dollar through the Central Bank of Nigeria, as the country's economic problems get worse.

The rate for cargo clearance was increased by the government in December 2023 from N783/$ to N952/$. According to reports, the Tinubu administration increased the exchange rate for cargo clearance in November 2023 from N757 to N783 per dollar, or 3.4 percent more. It increased it from N783/$ to N952/$ in December barely a month later.

Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, bemoaned the rise in a conversation with the newspaper. “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.”

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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?”