More Woes For Car Dealers As FG Raises Exchange Rate For Cargo Clearance To N1,356/$

More woes for car dealers as FG has raised the exchange rate for cargo clearance from N952/$ to N1,356 per dollar.

As at Friday February 2nd, the new exchange rate for cargo clearance has reflected on the portal of the Nigeria Customs.

Nigeria Customs had had last month clarified that the agency doesn’t willfully raise duties paid on Imports.

Instead, Customs says it only aligned with the new foreign exchange (FX) rate prescribed by the CBN.

More woes for Nigerian car dealers and and licensed customs agents as Federal Government through the Central Bank of Nigeria (CBN) raises the exchange rate for cargo clearance from N952/$ to N1,356.833 per dollar.

As at Friday (today) February 2nd 2024, Autojosh observed that the new exchange rate for cargo clearance, which is about +42 percent increase, has reflected on the portal of the Nigeria Customs Service (NCS).

The latest increase is coming weeks after the exchange rate for cargo clearance was raised from N783/$ to N952/$ and about two months after it went from N757 per dollar to N783 per dollar in November.

Recall that the Nigeria Customs had lamented the abandonment of thousands of imported fairly used vehicles (Tokunbo) at the Seaport by importers due to the rise in foreign exchange rates.

The Comptroller General of Nigeria Customs, Adewale Adeniyi, had had last month clarified that the agency doesn’t willfully raise duties paid on imports, but only aligned with the new foreign exchange (FX) rate prescribed by the CBN.

As at last month, the exchange rate for cargo clearance at the seaports reportedly drove the cost of clearing a 40-foot container from N7.3 million to N8.9 million. The development has forced many to ditch imported vehicles popularly known as “Tokunbo” for Nigerian used ones popularly called “Naija cars”.

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