The federal government, through the Central Bank of Nigeria, has raised the exchange rate for cargo clearance from N952 per dollar to N1.356 per dollar.

The government in November 2023 raised the exchange rate for cargo clearance from N757 per dollar to N783 per dollar, representing a 3.4 per cent increase. Barely one month later, it raised it from N783/$ to N952/$ in December.

Now, it has been raised again from N952 per dollar to N1.356 per dollar.

The Nigeria Customs Service has started using the new rate in its dealings.

A member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, in a chat with Punch, decried the increase.

Sikiru said, “How do we explain this? From N952/$ to N1.4/$ as of Friday morning with about N404 increase?

"It’s quite unfortunate that the prices of goods and commodities will automatically increase. Importation would further decrease and depreciate, vehicle prices would skyrocket again.

“Since this unification of a thing, the government has refused to look inward and critically into the maritime industry as regards importation and exportation."

He lamented that the sector had been neglected and things were getting worse by the day. "The question now is, how would freight forwarders and customs brokers agents cope with this new rate?”

Also speaking, an agent, Ben Anya, said that they woke up to the new rate, “which was before now set at N951 per dollar.”

Anya explained that with the latest increase in the exchange rate, the cost of clearing would increase.

“And this would also affect the cost of goods in the market. It would also lead to a drop in importation,” he said.


https://www.lindaikejisblog.com/2024/2/fg-raises-exchange-rate-for-cargo-clearance-from-n952-to-n1356-2.html

https://punchng.com/just-in-fg-raises-exchange-rate-for-cargo-clearance-to-n1356/?utm_source=telegram&utm_medium=social

It's high time people enter the street to protest this evil of a government... Enough is enough

The prices of goods and services will skyrocket like never seen before.

Cost of doing business in Nigeria is at an all time high already. Increasing the exchange rates for cargo clearance will only add to the already volatile prices of finished goods in the market.

I wonder why government is on one hand compelling banks to sell off excess FX in their vault to stem the abysmal fall of the naira while and on the other, arbitrarily increasing the FX rates for cargo clearance?

Government has joined the banks and BDCs in speculating and fixing FX rates inimical to the "resurrection" of our dear NAIRA.

This policy will definitely work against the desired economic salvation we thirst for.

Tomorrow, one illiterate agbado supporter will be asking whether Dollar is Nigeria's currency

Very mumu set of people
.

We told you guys not to vote based on sentiments but you said no. You called us all sorts of names because we prophesied that Tinubu would be an evil president. You called us Omo ale, akotileta, and others because we chose to see beyond tribe.

Now, the chicken has come home to roost.

ELECTIONS HAVE CONSEQUENCES.

PS
Baba Bulaba has just started. He will tax everything possible. Very soon, he will tax the air that we breathe.

Watch as APC stooges will cleverly evade this thread but open other idiotic threads bashing PO. Clowns with a big, red nose.

The arbitrage in that sector is so bad that keeping a different rate for the sector can frustrate CBN's attempt to maintain the naira float. I believe that FG should give the players tax rebate or some form of protectionist policies to help the importers set up here in Nigeria.

It's still early days in the float , I believe a comprehensive sector wide understanding of how to support each sector is ongoing. Just a little patience will pay off eventually.

At least for now, our hard earned forex is no longer being cornered to defend the naira or shipped overseas as petrol subsidy which our debt to revenue ratio has reduced significantly freeing up money for FG to put in the economy and get idle/ unproductive people offline and online to start living a productive life.

God bless Nigeria for ever! Check my signature for free stuffs!

FreeStuffsNG:
The arbitrage in that sector is so bad that keeping a different rate for the sector can frustrate CBN's attempt to maintain the naira float. I believe that FG should give the players tax rebate or some form of protectionist policies to help the importers set up here in Nigeria.

It's still early days in the float , I believe a comprehensive sector wide understanding of how to support each sector is ongoing. Just a little patience will pay off eventually.

At least for now, our hard earned forex is no longer being cornered to defend the naira or ship overseas as petrol subsidy which our debt to revenue ratio has reduced significantly freeing up money for FG to put in the economy.

God bless Nigeria for ever! Check my signature for free stuffs!

Clown spotted. You're telling people to be "patient" while your rulers buy SUVs and travel to Dubai with hundreds of people. Can you see that you are a monumental clown? Just start collecting clown gigs for kindergarten students cos your head is like a bungalow - nothing upstairs.

FreeStuffsNG:
The arbitrage in that sector is so bad that keeping a different rate for the sector can frustrate CBN's attempt to maintain the naira float. I believe that FG should give the players tax rebate or some form of protectionist policies to help the importers set up here in Nigeria.

It's still early days in the float , I believe a comprehensive sector wide understanding of how to support each sector is ongoing. Just a little patience will pay off eventually.

At least for now, our hard earned forex is no longer being cornered to defend the naira or ship overseas as petrol subsidy which our debt to revenue ratio has reduced significantly freeing up money for FG to put in the economy.

God bless Nigeria for ever! Check my signature for free stuffs!

A little patience for the suffering masses. While Tinubu is in France spending in Euros(€). Abi he is spending in Naira over there?

Where are those usel**s occupy Nigeria protesting during Jonathan regime.

Where are those usel**s occupy Nigeria protesting during Jonathan regime?

Evil government with evil supporters

Nah mouth dem Dey use beg us to patronize Naija made before. It will be a normal thing for Nigerians going forward.

Over pampered population. The present government know what they are doing. You will all understand the hard way. If them born anyone of you well, make you no return to farming in the next 2 years. At present, the government is still paying subsidy, that’s why Petrol remain at 650#.

We don’t have option than to buy naija made now. If you get sense, try to grow what you will eat in your backyard. If you have enough and want to become rich, go into extensive farming (according to your pocket).

Tinubu doesn't care if all of you are dying

WhisperedNoise:
We told you guys not to vote based on sentiments but you said no. You called us all sorts of names because we prophesied that Tinubu would be an evil president. You called us Omo ale, akotileta, and others because we chose to see beyond tribe.

Now, the chicken has come home to roost.

ELECTIONS HAVE CONSEQUENCES.

PS
Baba Bulaba has just started. He will tax everything possible. Very soon, he will tax the air that we breathe.

Watch as APC stooges will cleverly evade this thread but open other idiotic threads bashing PO. Clowns with a big, red nose.

Nigga, I see nobody complaining here save you. Your imaginary agbado audience don't give a rat ass.

Make Yoruba pple open the floor!

quote author=Trimjos post=128259902]It's high time people enter the street to protest this evil of a government... Enough is enough [/quote]

They can't even wait for the spike to settle, they rushed and increase the clearance exchange rate!
This will definitely impact prices with around 50% upward.
What happens if the dollar price reduces and people have cleared their goods to sell at high prices?
Is it now impossible for the dollar to go below 1,356??
These guys are very mean and heartless!!

Jagabanbattle:
Nah mouth dem Dey use beg us to patronize Naija made before. It will be a normal thing for Nigerians going forward.

Over pampered population. The present government know what they are doing. You will all understand the hard way. If them born anyone of you well, make you no return to farming in the next 2 years. At present, the government is still paying subsidy, that’s why Petrol remain at 650#.

We don’t have option than to buy naija made now. If you get sense, try to grow what you will eat in your backyard. If you have enough and want to become rich, go into extensive farming (according to your pocket).

Which "Naija made"?, When foreign companies are leaving the country and local ones are folding up? Go and price those your Naija made and come back.
When the price of fuel, diesel and raw materials are skyrocketing everyday, how do you sustain production?
Even the local foods we eat are no longer affordable and you're talking of naija made, the whole economy is in disarray!
Learn a simple economics and know the direct impact of these policies before defending this "heartless" government.

Asswipemod:


Nigga, I see nobody complaining here save you. Your imaginary agbado audience don't give a rat ass.

Hypocrite!!
You buy your own goods from the mars!
The masses are greatly suffering.
No matter how rich, no one feels happy spending more for less!

Asswipemod:


Nigga, I see nobody complaining here save you. Your imaginary agbado audience don't give a rat ass.

😂🤣🤣🤣

Too bad

This is hilarious and painful at the same time.

An increase in the cost of importation without adequate measures to increase local production will not have any good impact on the economy.

People are going through a rough time now and many businesses are shutting down by the day.

Source: ChatGPT 3.5


List of products that can be affected by exchange rate for cargo clearance in Nigeria

Products that can be affected by exchange rates for cargo clearance in Nigeria include:

Electronics: Items like smartphones, laptops, and other electronic gadgets often have their prices tied to exchange rates due to their reliance on imported components.

Automobiles and spare parts: Cars and automotive parts imported into Nigeria are often subject to fluctuations in exchange rates, impacting their cost and clearance processes.

Machinery and equipment: Industrial machinery, construction equipment, and other heavy machinery often face varying clearance costs due to exchange rate fluctuations.

Textiles and garments: Imported clothing, fabrics, and textile materials can be affected by exchange rate changes, impacting their clearance and pricing.

Raw materials: Various raw materials used in manufacturing processes, such as metals, plastics, and chemicals, may face clearance challenges influenced by exchange rate movements.

Pharmaceuticals and healthcare products: Imported medicines, medical equipment, and healthcare products can be subject to changes in clearance costs due to exchange rate fluctuations.

Food and agricultural products: Imported food items, agricultural machinery, and farming equipment may experience clearance cost variations based on exchange rate changes.

Chemicals and fertilizers: Imported chemicals, fertilizers, and agricultural inputs may be affected by exchange rate fluctuations, impacting their clearance process and pricing.

Luxury goods: Items such as designer clothing, accessories, and luxury goods imported into Nigeria are often subject to exchange rate fluctuations, affecting their clearance and pricing dynamics.

Consumer goods: Various consumer products, including household appliances, cosmetics, and personal care items, can be impacted by exchange rate changes, influencing their clearance processes and prices.

ogaontop:

Which "Naija made"?, When foreign companies are leaving the country and local ones are folding up? Go and price those your Naija made and come back.
When the price of fuel, diesel and raw materials are skyrocketing everyday, how do you sustain production?
Even the local foods we eat are no longer affordable and you're talking of naija made, the whole economy is in disarray!
Learn a simple economics and know the direct impact of these policies before defending this "heartless" government.

Sustain production? What were you producing?. I believe food is the most critical thing we have to sort right now. Let’s first start producing what we can eat abundantly to the extent of exporting.

If you want to buy car, you should be able to afford whatever price it is. Even if Tinubu finishes his term today, No new president will be stupid enough to reverse all these policies that get us here.

Jagabanbattle:


Sustain production? What were you producing?. I believe food is the most critical thing we have to sort right now. Let’s first start producing what we can eat abundantly to the extent of exporting.

If you want to buy car, you should be able to afford whatever price it is. Even if Tinubu finishes his term today, No new president will be stupid enough to reverse all these policies that get us here.

You, what have you produced that you are telling others to start producing? then everybody to turn to farmers when bandits are killing and kidnapping farmers almost everyday?

You that is telling others to start producing, you have not produced any electronic product, even the phone you are using to defend Tinubu here is imported, and you are telling others to patronize made in Nigeria that is not yet being produced...

You that is championing others to start producing made in Nigeria goods, what stops you from starting first?

May God have mercy