Importation woe worsens as FG raises cargo clearance rate again in 24 hrs

For the second time in 24 hours, the Federal Government has reviewed the Nigeria Customs Service exchange rate for importation of goods.

The exchange rate for Duty collection is usually determined by the Central Bank of Nigeria (CBN).

The importation exchange rate, which was N953 per dollar as of January ending, was raised to N1,356 per dollar on Friday morning.

But by Saturday morning, it had been reviewed further to N1,413.62 per dollar.

The forex crisis had created panic among freight forwarders, particularly among members of the Manufacturers Association of Nigeria (MAN), who are major importers.

With the latest increment, cost of importation is billed to increase, while the cost of goods and services in the market would increase astronomically.

Reacting to the fresh hike, a former National President of the National Association of Government Approved Freight Forwarders (NAGAFF), Dr. Eugene Nweke, said it would have “overwhelming consequences” on the public

He said the Sea Empowerment Research Center, at the recently concluded World Economic Forum (WEF), noted that one of the global concerns revolves around the drop in the global trade volumes as witnessed in 2022/2023 period.

He quoted the World Trade Organization (WTO,) Director General, Dr Okonja Iweala, as giving performance statistics and listing options available to the global bodies to overcome the challenges and boost global trade volumes in the face of the myriads of challenges impeding on trade volumes amongst nations.

He said most often formulation of fiscal policies for trade related needs and leaving out the fiscal policy to drive the Freight logistics chains breeds limitations to the overall performance of our national trade volumes.

He said : “The overwhelming consequences of this increment, We wish to request the Hon. Coordinating Minister, to direct the CBN to desist from this act of incessant increment of exchange rate for customs duty assessment forth with, doing so, for the interest of over stretched and suffering Nigerians populace, in the spirit of the renewed hope mantra” he said.

The leadership of the Association of Nigerian Licensed Customs Agents (ANLCA) is reportedly planning to meet with the CBN on the need to reduce the exchange rate.