Nigerians may be forced to pay more for goods as the Nigerian Customs Service (NCS) has increased the exchange rate for the clearance of goods from N951.94/$ to N1356.88/$.
A review of the Federal Government’s single-window trade portal of the customs service revealed that the previous exchange rate of N951.94/$1 has been revised upwards.
This is expected to cause an increase in the prices of goods in the market as the Customs levies duties on imported cargoes before they are cleared from the ports.
