Over the past two weeks, importation into the nation’s seaports has taken a significant hit, plummeting by 65%. This decline is attributed to the instability in foreign exchange rates and the devaluation of the Naira, according to reliable sources.
The Tin-Can Island Command of the Nigeria Customs Service (NCS) recently reported a notable downturn in cargo throughput at the nation’s seaports. This challenging situation has made it increasingly difficult to meet the targeted revenue goals.
Notably, the unofficial black market exchange rate reached N1,200 to the US dollar, while the official Nigerian Foreign Exchange Market (NAFEM) rate was N848. The Naira has experienced consistent weakening against the US dollar across all market segments.
This trend started when the Central Bank of Nigeria (CBN) lifted the ban on 43 previously restricted items from accessing foreign exchange (forex), allowing them access through the investors and exporters’ (I&E) window, now NAFEM. Sources within the seaports have confirmed that the berths at Apapa and Tin-Can Island ports are predominantly unoccupied, especially in terminals handling bulk cargoes.
Truckers have also voiced concerns about the decreased cargo haulage, a direct consequence of the declining import activity at the two busiest ports in the country.
