Breaking: Importers And Agents Lament As CBN Raises Customs Exchange Rate (Details)

Breaking: Importers And Agents Lament As CBN Raises Customs Exchange Rate (Details)....KINDLY READ THE FULL STORY HERE▶

Importers and clearing agents at Nigerian seaports are facing challenges due to the new exchange rate policy mandated by the Central Bank of Nigeria (CBN) for the Nigeria Customs Service (NCS). The CBN’s directive has raised the foreign exchange rate used by Customs for clearing imported goods and vehicles at the nation’s ports…CONTINUE READING

The updated rate on the Customs’ official website indicates an increase from N770.88 to N783.174 per dollar, with an additional N12.29 for each dollar during the clearing process. Stakeholders anticipate a significant rise in the market cost of imported goods as a result of this adjustment.

Importers express concern over consistent Customs duty reviews in recent months and call for a stable official exchange window to support legitimate business and international trade.

The Comptroller General of the NCS attributes the surge to the floating exchange rate, while stakeholders highlight the impact of trade imbalances on currency exchange rates. The fluctuating exchange rate for clearing vehicles and imported goods has led to discontent among importers, clearing agents, and freight forwarders.

The latest increment, from N770.88 to N783.174 per dollar, is expected to affect vehicle clearance and prompt discussions between clearing agents and importers to prevent disagreements.