The Bola Tinubu-led federal government, through the Central Bank of Nigeria (CBN), has increased the exchange rate for cargo clearance from N952 per dollar to N1.356 per dollar.
This adjustment follows recent increases in the exchange rate for cargo clearance, reflecting a continuing trend of fluctuations in the country’s foreign exchange policies.
TIMELINE: How Pump Price Evolved in 24 Years From N20 to N617
The exchange rate for cargo clearance was initially raised from N757 per dollar to N783 per dollar in November, representing a 3.4% increase.
Subsequently, it was further increased to N952 per dollar in December.
According to report, the rate has now been adjusted to N1.356 per dollar.
Members of the Association of Nigerian Licensed Customs Agents and other stakeholders have expressed concerns over the frequent changes in exchange rates, emphasizing the potential impact on the cost of clearing and, subsequently, on commodity prices.
According to them, the adjustments could also have broader implications for importation and exportation activities, influencing trade dynamics in the country.
