Emmanuel OchayiThe Nigerian government has raised the exchange rate for cargo clearance from N952/$ to N1,356 per dollar.
This adjustment follows a sequence of increases, with the rate escalating from N757/$ to N783/$ in November and then reaching N952/$ in December.
The new rate, now reflected on the Nigeria Customs Service portal, has triggered apprehension within economic circles. Remilekun Sikiru, a member of the Association of Nigerian Licensed Customs Agents, expressed deep concern, stating, “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.”
Sikiru emphasized the potential consequences, predicting a decline in importation, depreciation, and a surge in vehicle prices. He also called the attention to the government’s oversight of the maritime industry, highlighting the daily worsening conditions.
Ben Anya, another agent, conveyed the surprise within the industry, revealing, “We woke up to the new rate, which was before now set at N951 per dollar.” Anya stressed that the heightened exchange rate would elevate the cost of clearing, subsequently affecting market prices and potentially causing a reduction in importation.
As the nation grapples with the economic ramifications of this sudden shift, questions arise about the government’s strategy amid growing concerns from industry professionals about the broader impact on trade and commerce.
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