• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, August 25, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Yuletide: Prices Of Goods To Rise As CBN Adjusts Exchange Rate To N951/$1

by Yusuf Babalola
2 years ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

 

Advertisement

Importation into the country this yuletide period will be low while prices of imported goods will rise as the Central Bank of Nigeria (CBN) has adjusted the official exchange rate from N783.174/$1 to N951.941/$1

LEADERSHIP gathered that the adjustment was made on Thursday morning by the CBN, meaning the cost of clearing cargoes in the nation’s seaports will go up.

It could be recalled that the CBN had on June 24, 2023 adjusted the exchange rate from N422.30/$1 to N589/$1 and on July 6, 2023, it was adjusted to N770.88/$1, on November 14, 2023, it was adjusted to N783.174/$1, and now adjusted to N951.941/$1

Clearing agents, however, stated that with the N194 increment, cargoes will be abandoned at the nation’s seaports while prices of goods will skyrocket as a result.

RELATED

Nigeria

Nigeria, Japan Forge Strategic Mining Alliance At TICAD9

9 hours ago
Passengers Face Flight Delay As Multiple Bird Strikes Hit Air Peace Aircraft

4 Months To Yuletide: Air Peace, United Nigeria Jack Return Tickets To N677,000

21 hours ago
ADVERTISEMENT

Speaking to our Correspondent, a clearing agent, Comrade Onome Monije, said freight forwarders and importers would have a bleak Christmas.

However, maritime experts have argued that the new Customs exchange rate effectively means there would be an increase in import duty payable by clearing agents to the Nigeria Customs Service (NCS) and would overall affect prices of goods in the market.

Confirming the increment, Comrade Monije, who is the public relations officer, Tin Can Island chapter of the Association of Nigerian Licenced Customs Agents (ANLCA), rued the increment, saying clearing agents will now pay more for cargo clearance at the various seaports.

ADVERTISEMENT

She said the increment will affect vehicle clearance, saying clearing agents should engage their clients to forestall possible disagreement.

“The federal government has increased the Dollar exchange rate, from N422.30 to N589.45, then to N770.88. In November, it was moved to N783.174 ans now, we are at N951.941 to a dollar. What it implies in simple terms is that, if clearing agents have a Debit Note that has not been paid on the system or Pre-Arrival Assessment Results (PAAR) or they have given you the value and you have not captured, it has affected you directly.

“We just believe that maybe with time, we will see low exchange rate and it will become beneficial to the importers as well because once there is a change in the portal, there is nothing anybody can do about it. But if you have captured or accessed your work, you are good to go and your consignment would be released for you if you don’t have any infraction.”

She explained that only clearing agents that had done the capturing of their consignments would pay with the old exchange rate.

“Whether you have collected your value, whether you have a PAAR, if you have not done your assessment as of now, you can’t capture with that old rate. Especially for the Roll On Roll Off (RORO) or those that are doing PAAR door to door. It’s a Federal Government’s policy. We stakeholders can’t do anything for now, because it’s the prerogative of government to intervene and stabilise the foreign exchange market,” Monije added.


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


SendShare10958Tweet6849Share
ADVERTISEMENT
Previous Post

Cleric Murder: Ex-Soldier To Die By Hanging

Next Post

Northern Groups Fault DHQ On Kaduna Bombing

Yusuf Babalola

Yusuf Babalola

You May Like

Nigeria
Business

Nigeria, Japan Forge Strategic Mining Alliance At TICAD9

2025/08/24 - Updated on 2025/08/25
Passengers Face Flight Delay As Multiple Bird Strikes Hit Air Peace Aircraft
Business

4 Months To Yuletide: Air Peace, United Nigeria Jack Return Tickets To N677,000

2025/08/24
Equities’ Investors Lose N201bn W-o-W Amid Post-MPC Rebalancing
Business

Broad-based Selloffs Deepen Market Losses By N2.29trn W-o-W

2025/08/24
Presco Records N58.6bn Pre-tax Profit In Q1
Business

Presco’s Shareholders Approve N26.3bn Dividend

2025/08/24
Nigeria Leads Africa In Stablecoin Adoption with $22bn In Transactions
Business

Nigeria Leads Africa In Stablecoin Adoption with $22bn In Transactions

2025/08/24
Experts Advocate Strong Partnership, Intervention Models To Accelerate Shift To Renewable Energy
Business

Experts Advocate Strong Partnership, Intervention Models To Accelerate Shift To Renewable Energy

2025/08/24
Leadership Conference advertisement

LATEST

Dangote Pledges Support As Phyna Insists On Overseas Treatment For Injured Sister

Nollywood Actress Becomes Grandmother As Daughter Priscila Ojo, Juma Jux Welcome Baby In Canada

Association Lauds Olu Of Warri Over Peaceful Reign

MWAN Decries Rise In Harmful Traditional Practices In Rivers

Electoral Reform: CSOs Want President Lose Power To Appoint INEC Chair

Communal Crises: NEMA Distributes Relief Materials To Ebonyi Communities

‘Nigerian-American Polymath Ready To Lead California’

1,000 Nomadic Children Benefit From Vacation Courses In Bauchi

Association Wants Africa’s Democracy To Go Beyond Regular Elections

Buni Mourns Yobe Varsity’s Student Amina

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.