The Central Bank of Nigeria (CBN), in a move that is anticipated to have significant effects on the country’s economy, changed the exchange rate from N783.174/$1 to N951.941/$1.
This Thursday morning’s decision is the most recent in a string of modifications made all year long.
It is expected that the adjustment will have a substantial impact on the cost of clearing cargo in the nation’s seaports. It comes after prior 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).
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Information received suggests that because of the rise in clearing expenses, there will be a decrease in imports into the nation during the holiday season.
Clearing agents are worried that cargo at the country’s seaports may be abandoned as a result of the N194 increase in the exchange rate.
Comrade Onome Monije and other clearing agencies stress that goods forwarders and importers will have a difficult time over the holiday season as a result of the changes.
It is anticipated that the increase in clearing costs and the ensuing price increases for imported goods will have a domino effect on the economy as a whole, perhaps affecting consumer spending and market dynamics.
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The CBN’s decision is expected to have a significant impact on the economy as the country approaches the holiday season. As a result, stakeholders should prepare for a difficult holiday season characterised by lower imports and higher commodity prices.
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