The Central Bank of Nigeria (CBN), has increased the exchange rate for the clearance of cargo at the nation’s seaports and airports from N1,600.32 to N1,618.732.
This change is the highest rate since March 2024 and comes amid a 6.43 per cent depreciation of the naira in July. The increase is expected to further strain importers, as it raises the cost of imports and contributes to inflation. The CBN’s interventions to stabilize the naira have included multiple foreign exchange sales, but challenges persist in the market.
According to the Nigeria trade hub, the federal government official single window for trade, the exchange rate increased by N18 from the previous rate of N1600.32 to the USD.
It was, however, gathered that the depreciation happened despite the CBN’s attempts to address the official market’s liquidity issues through dollar sales.
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In July, the CBN conducted at least three foreign exchange (FX) sales to authorised dealers and one sale to Bureau de Change (BDC) operators as the naira faced significant pressure.
Speaking on the increase in exchange rate, a clearing agent, Oladimeji Majekodunmi, said that the cost of clearing containers at the ports will increase tremendously.
Meanwhile, the national President of the National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), Lucky Amiwero, urged the federal government, through the CBN, to implement a special exchange rate for calculating import duties.
Amiwero emphasised that a stable and manageable exchange rate for import duties would stimulate economic growth and benefit the broader Nigerian population.
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He, however, expressed significant concern over the current practice of using floating exchange rates for customs duty calculations. He argued that this approach has contributed substantially to the rising costs of goods and escalating food prices in Nigerian markets.
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