FG Raises Exchange Rate For Cargo Clearance To N951/$ As Importers Abandon Thousands Of Tokunbo Cars At Seaport

FG Raises Exchange Rate For Cargo Clearance To N951/$ As Importers Abandon Thousands Of Tokunbo Cars At Seaport

FG raises exchange rate for cargo clearance to N951/$ as importers abandon thousands of Tokunbo cars at seaport.

It comes few weeks after the exchange rate was increased from N757/$ to N783/$ (3.3 per cent increase).

NCS had earlier lamented the abandonment of thousands of Tokunbo cars at Seaport due to the rise in exchange rates.

FG Raises Exchange Rate For Cargo Clearance To N951/$ As Importers Abandon Thousands Of Tokunbo Cars At Seaport - autojosh

FG raises exchange Rate for cargo clearance to N951/$ as importers abandon thousands of Tokunbo cars at seaport.

The Federal Government, through the Central Bank of Nigeria (CBN), has again raised the exchange rate for cargo clearance from N783/$ to N952/$, which represents a 17.8 per cent increase.

The latest increase is coming barely three weeks after the exchange rate for cargo clearance was raised from N757/$ to N783/$, representing a 3.3 per cent increase.

According to Punch reports, the new rate has reflected on the portal of the Nigeria Customs Service as at Thursday (today) December 7th 2023.

Recall that the Nigeria Customs Service (NCS) 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 Customs area controller, Tin Can Island Command, Compt. Dera Nnadi, stated this in September when members of the Association of Nigerian Licenced Customs Agents (ANLCA) paid him a courtesy visit.

Nnadi stated that the number of vehicles throughput had continued to dwindle from 32,000 vehicles in 2018 to as low as 6,000 in 2022 and a mere 4,000 units in 2023.

“There are several vehicles abandoned in the port because the owners are unable to clear them due to high exchange rates.

“There are several vehicles abandoned in the port because the owners are unable to clear them due to high exchange rates.”

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