Federal Government Raises Cargo Clearance Exchange Rate To N952/$

The Central Bank of Nigeria, acting on behalf of the Federal Government, has increased the exchange rate for cargo clearance from N783/$ to N952/$.

This adjustment comes just three weeks after the rate was previously raised from N757/$ to N783/$.

The Publisher Nigeria gathered that as of November, the initial increase saw the exchange rate for cargo clearance climb from N757 per dollar to N783 per dollar, indicating a 3.4 per cent uptick. Subsequently, the updated rate has been observed on the Nigeria Customs Service portal.

The Association of Nigerian Licensed Customs Agents (ANLCA) leadership has urged customs brokers to exercise caution in their transactions and provide appropriate guidance to importers regarding the recent increase in customs duty exchange rates.

Industry insiders expressed concern about the frequent fluctuations in customs duty exchange rates, which have introduced volatility, unpredictability, and instability into the import and export trade.

Freight forwarders are now cautioning Nigerians to prepare for a challenging Christmas season, anticipating a surge in market prices for goods. The latest escalation in the customs duty exchange rate is expected to result in higher clearance costs at the ports, subsequently leading to increased prices for goods in the market.

As these additional costs are likely to be passed on to the end consumers, the ripple effect is anticipated to contribute to heightened inflation and worsen the economic challenges faced by individuals across the country.