The Federal Government, through the Central Bank of Nigeria (CBN), has implemented another adjustment in the exchange rate for cargo clearance. 

The rate has been raised from N952 per dollar to N1.356 per dollar. This move follows a series of earlier increases, with the most recent adjustment occurring in December when the rate was raised from N783/$ to N952/$.

The adjustment is already reflected on the Nigeria Customs Service portal, with implications for businesses involved in international trade.  

Industry experts and members of the Association of Nigerian Licensed Customs Agents have expressed concerns about the potential ramifications of this latest change. Remilekun Sikiru, a member of the association, noted that the continuous upward adjustments could result in a surge in the cost of clearing, leading to an inevitable increase in commodity prices. Additionally, the fluctuating rates might adversely impact importation and contribute to the depreciation of the national currency.

Ben Anya, another customs agent, emphasized that the rise in the exchange rate would likely trigger a surge in the cost of clearing goods, ultimately affecting market dynamics. He predicted that this development could lead to a decrease in importation and potentially contribute to the escalation of vehicle prices.