Naira Exchange Rate Crisis Strands Imported Vehicles At Seaport- Custom

Nigerian customs authorities have revealed that the ongoing crisis in the Nigeria exchange rate has left imported vehicles stranded at a major Nigerian seaport.

This was revealed by Comptroller Dera Nnadi, the Nigeria Customs Service area controller for the Tin Can Island Command, during a candid conversation with members of the Association of Nigerian Licensed Customs Agents (ANLCA).

The ongoing fluctuations in the Naira exchange rate have given rise to a concerning situation at the port, where importers have been forced to abandon thousands of fairly used vehicles.

Nnadi minced no words as he decried the continuous decline in cargo throughput at the command, a trend that has been deeply exacerbated by the sharp fluctuations in exchange rates.

The number of vehicles processed by the command has plummeted from a substantial 32,000 in 2018 to a mere 4,000 units in 2023, marking an astounding 85% drop in just five years.
Read more:
https://www.primebusiness.africa/naira-exchange-rate-crisis-strands-imported-vehicles-at-seaport-custom/

Seems like floating Naira has reduced imports.

Hurrah!