In another move within a three-week span, the Federal Government of Nigeria has raised the cargo clearance exchange rate from N783 per dollar to N952 per dollar. This adjustment, which marks a significant increase, follows the earlier shift from N757/$ to N783/$ in November, reflecting a 3.4% uptick.
The updated exchange rate has already been implemented and is visible on the Nigeria Customs Service portal. The Association of Nigerian Licensed Customs Agents (ANLCA) leadership is advising customs brokers to approach transactions with caution and provide appropriate guidance to importers in light of this recent development.
Industry insiders are expressing concern over the frequent fluctuations in customs duty exchange rates, introducing volatility and unpredictability into the import and export trade. As a result, freight forwarders are cautioning Nigerians to brace for a challenging Christmas season, anticipating a surge in market prices for goods.
The latest increase in the customs duty exchange rate is expected to elevate clearance costs at the ports, subsequently leading to higher prices for goods in the market. With these additional costs likely to be passed on to end consumers, there are concerns that the ripple effect will contribute to heightened inflation, exacerbating the economic challenges faced by individuals across the country.