CBN and NCS Collaborate to Stabilize Import Rates Amid Currency Volatility

To prevent the current decline in cargo imports due to high exchange rates, the Central Bank of Nigeria (CBN) and the Nigeria Customs Service (NCS) have agreed to stabilize import rates, ensuring business owners and importers can plan effectively.
The volatility of the naira against the US dollar has significantly reduced import volumes at Nigerian ports. Vehicle imports have fallen by 45%, container traffic by 30%, and bulk cargo by 20%.

Confirming this collaboration, Customs Comptroller General Bashir Adewale Adeniyi stated that the CBN and NCS, supported by Finance Minister Wale Edun, are working closely to achieve stable import rates conducive to business planning.
Reporters also highlighted suggestions from Muda Yusuf, Managing Director of the Centre for the Promotion of Private Enterprise (CPPE), who proposed establishing a fixed Customs exchange rate for cargo clearance between N900/$ and N1,000/$ for a specified period, ensuring economic stability and predictability in maritime trade.

Meanwhile, Dr. Kayode Farinto, former Acting President of the Association of Nigerian Licensed Customs Agents (ANLCA), emphasized the necessity for a stable predictive exchange rate solely for Customs purposes to counteract the drastic decline in cargo volumes.
The current situation has been challenging for freight forwarders, with many facing job losses amid the economic uncertainties caused by fluctuating exchange rates.
Ikechukwu Anaba, a clearing agent, expressed concerns over the CBN’s fluctuating exchange rates affecting cargo clearance, noting significant drops in bulk cargo by 20%, container imports by 30%, and vehicle imports by 55%.
Anaba recommended fixing a permanent Customs exchange rate for cargo clearance within the range of N800/$ to N1,000/$ for three months to one year, asserting that such stability would benefit economic growth and international trade predictability within the maritime sector.