The Federal Government through the Central Bank of Nigeria has raised the exchange rate for cargo clearance from N952/$ to N1.356 per dollar.

This is coming weeks after the rate was increased from N783/$ to N952/$.

In November, the exchange rate for cargo clearance was raised from N757 per dollar to N783 per dollar, representing a 3.4 per cent increase, and was later raised from N783/$ to N952/$ in December.

However, our correspondent observed on Friday that the new rate has been reflected on the portal of the Nigeria Customs Service.


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Reacting to this, a member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, in a chat with The PUNCH on Friday, 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.

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“Since this unification of a thing, the government has refused to look inward and critically into the maritime industry as regards importation and exportation. The sector have been neglected and things are getting worse daily. 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://punchng.com/just-in-fg-raises-exchange-rate-for-cargo-clearance-to-n1356/

Thank you FG not Tinubu for the increment.

More hardship,

How will this lead to a drop in importation when there are no factories to manufacture, the few consumer goods companies are scaling down production or reducing the quality. Just imagine the size of Gala by UAC foods, or the cost of drugs.

The government is trying to reduce the quantity of life of Nigerians.

How will the ordinary Nigerian eat healthy foods, afford goods homes and education.

This Government is a scam and we all gonna learn the hard way.

Keep the devaluation consistent please. That's how differentials do emerge.

We are tired of propaganda

Tinubu 8 months is enough to be playing with sand o

Show us the master strategist side, na to reach buhari level con dey hard you

E don de clear for their eyes, naira is dead.

Nigeria is no longer a dumping ground. Good times for exports.
-kiss the truth!

TimeManager:
Nigeria is no longer a dumping ground. Good times for exports.

-kiss the truth!

is it propaganda that would make nigeria not dumping ground, do you have security, roads, power to encourage fleeing industries

You are only increasing the suffering of the masses who would pay double for this increase

Indirect tariffs on imports.


Jesus is the answer for the world today. Come to Him, and He will give you true rest. DM

TimeManager:
Nigeria is no longer a dumping ground. Good times for exports.

-kiss the truth!

Which exports are you referring to?

Prices will go up once again. Inflation will exceed 34%, massive drop in imports, less jibs for customs, less revenue for customs. More job losses. Prices of drugs about to go up again

History555:
Prices will go up once again. Inflation will exceed 34%, massive drop in imports, less jibs for customs, less revenue for customs. More job losses. Prices of drugs about to go up again

You've said it all. This is official devaluation of the naira, simple.

TimeManager:
Nigeria is no longer a dumping ground. Good times for exports.

-kiss the truth!

How many factories do you have, can you even produce sachet water

Very evil govt

NzogbuNzogbu:
is it propaganda that would make nigeria not dumping ground, do you have security, roads, power to encourage fleeing industries

You are only increasing the suffering of the masses who would pay double for this increase

Is it the excessive imports that'd give you roads, security, infrastructures, etc?. When you scour every nooks and crannies of the market to source for dollars, take it abroad to another man's country to develop his economy, how possibly does that translate to improved infrastructures in your own country?. I'm really trying to not use the D-word on you.

-kiss the truth!

History555:



Which exports are you referring to?

Aside petroleum products, we do export agricultural produce, timber, fabrics, leather, etc.

-kiss the truth!

Fighttillvictory:
How many factories do you have, can you even produce sachet water

I guess you buy your own satchet water from Ecuador. Low reasoning.
-kiss the truth!

You guys should stop engaging this time manager emilokan slave. Isn't it obvious he's freestuffsng in another moniker?

He has deactivated his previous moniker and is now using this one. Shame no go gree am post again.

Same thing with all of them that supported apc, even the helinues that was shouting upon everything, my candidate still won where is he today?

Devil can't wait to have them all by his side

It is only those people who have been destroying the economy of this country through massive importation of unnecessary items that are crying the most about this dollar rate. They should try and get into production at home if they are really enterprising as they claim to be

TimeManager:

I guess you buy your own satchet water from Ecuador. Low reasoning.

-kiss the truth!

i think you are the one who reasoned lowly cause you are hiding from the truth. You wanted us to start producing and i asked a simple question how many factories do you have and you took offence. Government increasing operation cost is them admmitting their failure. Like the cashless time when they were telling pos operators to do 5000 for 100 when it was 500.
kiss the truth

Disaster squad!!! Not even agbadorians will escape it!!

abhosts:
Nigerians would never believe you when you tell them that the current economic hardships they are facing is deliberate and well orchestrated by evil APC. Think about it; if the current Naira decline was circumstantial and temporary, would FG be updating the official exchange rate for import duty to ₦1,356 which was a rate the Naira declined to barely 2 weeks ago in the parallel market?

That guy at the top is very mean n wicked!!! That is what his supporters dont know about him. He doesn't care about nothing apart from using those idiots to achieve whatever he wants.

nothingspoil70:
It is only those people who have been destroying the economy of this country through massive importation of unnecessary items that are crying the most about this dollar rate. They should try and get into production at home if they are really enterprising as they claim to be

Idiot, where are you going to get your raw materials and machinery for production. Una brain is filled with coconut water!!!

History555:
Prices will go up once again. Inflation will exceed 34%, massive drop in imports, less jibs for customs, less revenue for customs. More job losses. Prices of drugs about to go up again

Inflation is over 100% already, seriously i don't know How you guys got to 34%.

There is a common misconception among people that only the Igbos are involved in importing goods into the country. This misconception might be fueling targeted policies that are intended to discourage or regulate the importation of goods into the country by Igbos.

However, it is important to note that such policies may have unintended consequences, such as creating more billionaires of Igbo extraction who have the resources and expertise to navigate the complexities of the importation business. Ultimately, it is important to have policies that are fair and equitable to all citizens, regardless of their ethnic or regional affiliations.

Artscollection:


Idiot, where are you going to get your raw materials and machinery for production. Una brain is filled with coconut water!!!

Perhaps, other producing nations get their raw materials from the moon, you lazy bones!. Go check the cargoes at the ports, most are junks. Fairly speaking, Govt grants waivers or low tarrifs to local manufacturers importing for production. We have large deposits of uranium yet most containers are filled with phone batteries, car batteries and all sorts while the Chinese mine away our uranium which we use scarce FX to go buy from them the finished products, who is the fool?. Same way we couldn't refine our crude at our backyard but to import them paying subsidy. When naira loses value, y'all scream at the top of your voice and when Govt try fixing it, y'all still pop your veins.

PressMyButton:

Perhaps, other producing nations get their raw materials from the moon, you lazy bones!. Go check the cargoes at the ports, most are junks. Fairly speaking, Govt grants waivers or low tarrifs to local manufacturers importing for production. We have large deposits of uranium yet most containers are filled with phone batteries, car batteries and all sorts while the Chinese mine away our uranium which we use scarce FX to go buy from them the finished products, who is the fool?. Same way we couldn't refine our crude at our backyard but to import them paying subsidy. When naira loses value, y'all scream at the top of your voice and when Govt try fixing it, y'all still pop your veins.

Only an ignorant being believes this action by government will fix forex problem.
You that is not lazy, why are you not exporting?

I weep for Nigerians

Wrong. That's a Thief Biz. It shouldn't be more than N500 : $1.