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PRICES TO INCREASE AS FG RAISES EXCHANGE RATE FOR CARGO CLEARANCE TO N1.356 PER DOLLAR

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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.

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Segun Akinlabi

Media Blogger

EgalitarianVoice is a subsidiary of EGALITARIAN MEDIA HUB, it is a blog that keeps you up to date latest news and updates all around the world.

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The site is managed by Egalitarian Segun AKINLABI who is the Editor-in-chief, others editors from Egalitarian Team Oyo State, Nigeria.

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