Clearing agents working at Nigeria’s seaports voiced their discontent as the exchange rate used by Customs for cargo clearance exceeded both the official and parallel market rates for the Naira against the US Dollar. The Customs exchange rate, as seen on the Nigerian trade blurb portal, stood at N1,330.36/USD, whereas the official market closed at N1,262.85/$1 on Wednesday, with the parallel market even stronger at N1,250/$1.
One agent, Farinto, suggested that the Central Bank of Nigeria (CBN) adopt a quarterly predictive exchange rate to mitigate the impact of fluctuations. He argued that such a system would provide stability and enable importers to plan more effectively.
Critics questioned the government’s commitment to economic growth, highlighting discrepancies between the Customs exchange rate and official rates. They accused the CBN of prioritizing revenue over economic stability.
Meanwhile, the Nigeria Customs Service (NCS) acknowledged challenges arising from fluctuating CBN exchange rates for import duty. The Comptroller General, Bashir Adewale Adeniyi, noted that March saw 13 different spot rates, disrupting operations and causing concern among stakeholders. Adeniyi expressed appreciation for recent stability and revealed ongoing consultations with the Ministry of Finance to address exchange rate fluctuations’ impact on import activities.
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