The Central Bank of Nigeria (CBN) has increased the foreign exchange rate used by the Nigeria Customs Service (NCS) to clear imported goods, causing challenges for importers and clearing agents at Nigerian ports.
The CBN raised the rate from 770.88 naira per dollar to 783.174 naira per dollar, an increase of 12.29 naira per dollar. Stakeholders say this will raise costs for imported goods as the New Year approaches.
Importers call for CBN to stabilize rates and ease pressure. Albert Samson of the Nigerian Importers Integrity Association said reliable exchange rates would enable trade and boost imports of essential vehicles and goods.
Recent frequent changes to customs clearance rates have frustrated importers. NCS head Bashir Adeniyi acknowledged volatile exchange rates have driven surges, though customs duties are unchanged.
Exports and imports influence supply and demand for currencies, impacting exchange rates. When imports outweigh exports, demand for foreign currency rises, raising conversion rates.
Higher customs exchange rates mean more naira are needed to clear shipments. Agents must adjust invoices already paid by importers at old rates to avoid conflict.
Folagbade Adesanya said vehicle clearances will be hit hard. Agents are working with importers on revised payments.
The CBN has boosted the rate from 422 to 589 to 770 naira per dollar, now beyond 780. Importers need exchange rate stability to operate and boost trade.