Thursday, March 12

Importers abandon cargoes at Nigerian ports as Naira falls continually

The continuous fall of Nigeria's Naira against the US dollar which is currently at N250 to $1 has led to abandonment of some imported goods at the Nigerian ports and this is fast leading to congestion most especially at the Tin Can Island port where abandoned containers are increasing by the split of seconds.

It was revealed that the current exchange rate has prompted the Tin Can Island Customs Command to increase its official transaction rate from N165 to all-time high N199 to a dollar.

In an interview, Vice Chairman of the Tin Can Chapter of the Association of Nigeria Licensed Customs Agents (ANLCA) Mrs Ada Akpunonu said that the instability in the exchange rate has caused importers to stay away from importation and that imported cargoes  have been abandoned at the port.

She added that commercial banks have equally stopped lending money to potential businessmen. Mrs. Akpononu confirmed that customs is currently implementing an official transaction rate of N199 to US$1 for transactions.

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