By Tosin Aribisala
In a move that is expected to have far-reaching implications on the nation’s economy, the Central Bank of Nigeria (CBN) has adjusted the exchange rate from N783.174/$1 to N951.941/$1.
The decision, made on Thursday morning, marks the latest in a series of adjustments throughout the year.
The adjustment, which follows previous changes on June 24, 2023 (N422.30/$1 to N589/$1), July 6, 2023 (N589/$1 to N770.88/$1), and November 14, 2023 (N770.88/$1 to N783.174/$1), is anticipated to significantly impact the cost of clearing cargoes in the nation’s seaports.
Reports gathered indicate that the yuletide period will witness a decline in importation into the country due to the resultant increase in clearing costs.
Clearing agents are expressing concerns that the N194 increment in the exchange rate will lead to the abandonment of cargo at the nation’s seaports.
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Clearing agents, including Comrade Onome Monije, emphasize that the adjustments will cast a shadow over the holiday season for freight forwarders and importers.
The rise in the cost of clearing and subsequent escalation of prices for imported goods are expected to have a cascading effect on the overall economy, potentially impacting consumer spending and market dynamics.
As the nation heads into the festive season, the decision by the CBN is poised to shape the economic landscape, prompting stakeholders to brace for a challenging yuletide period marked by reduced imports and heightened commodity prices.