Importers of goods and services and other businessmen who depend on foreign exchange for their transactions have warned that prices of goods and services may hit the roof as the fortune of Naira worsens against the U.S Dollar and other international currencies.
The exchange rate at the parallel market depreciated again to another all-time low on Wednesday Morning at N557/$1 compared to N550/$1 recorded in the previous trading session. This represents 1.3 percent depreciation and further widens the gap between the black market rate and the official rate.
Currency speculators are taking advantage of the huge exchange rate difference between the official market and the black market.
Meanwhile, the exchange rate between the naira and the US dollar closed at N412.08/$1, at the official Investors and Exporters window.
Stakeholders in the maritime sector especially the Licensed Customs Agents are beginning to show some concerns over a drastic drop in cargo throughput into Nigeria due to increasing foreign exchange, the free fall of naira, and COVID-19 pandemic among others.
Some Licensed Customs Agents who bear their minds on the ugly trend in global business lamented that most importers can no longer travel out of the country to bring in imports due to scarcity of forex. And the rate at the parallel market is suffocating for businesses.
It was gathered that importers are unable to bring in cargoes due to the rise in dollars and freight charges, as shippers now pay over $14,000 to bring in a 40ft container from China, as against the $5200 and $6000 before now, if they are able to access foreign exchange from the official market.
Before the astronomical increase, Shippers Association Lagos State (SALS) had predicted the Nigerian ports would witness a shortfall of cargo imports in the first and second quarters of the year.
Stakeholders said most of the goods presently at the nation’s ports were those that were imported five to six months ago, with a good number of them waiting to be cleared amid fear of further hike in prices of imported items as demand would soon outweigh supply.
President, Africa Association of Professional Freight Forwarders and Logistics of Nigeria (AFFLON), Otunba Frank Ogunojemite, said there is decline in the importation, because the naira has lost much value and one can speculate what is going to happen and many importers decided to keep their money or to gamble their money on any importation for now.
