The Central Bank of Nigeria (CBN) has increased the exchange rate for cargo clearance at seaports and airports from ₦1,600.32 to ₦1,618.73, marking the highest rate since March 2024. This adjustment follows a 6.43% depreciation of the naira in July and is expected to further strain importers by raising import costs and contributing to inflation.
Despite the CBN’s efforts to stabilize the naira through foreign exchange sales, challenges persist in the market.
Clearing agent Oladimeji Majekodunmi noted that the increase in the exchange rate would significantly raise the cost of clearing containers, with the price for a 40-foot container of food items now exceeding ₦20 million. He expressed concern over the drastic drop in cargo throughput, which has fallen to about 30%, leaving many importers struggling financially.
Lucky Amiwero, President of the National Council of Managing Directors of Licensed Customs Agents, urged the government to implement a stable exchange rate for calculating import duties to stimulate economic growth and alleviate the burden on consumers. He highlighted that the current floating exchange rate system has led to unpredictable pricing and rising costs of goods, exacerbating food inflation and reducing importation.
Amiwero called for measures to eliminate uncertainties associated with the exchange rate system, emphasizing the need for a more predictable environment for importers to stabilize the domestic trading landscape.