Naira

Importation into the nation’s seaports dropped down to 65 per cent in the last two weeks, due to instability of foreign exchange and devaluation of Naira, LEADERSHIP learnt. Recall that the Tin-Can Island Command of the Nigeria Customs Service (NCS) has said, there is downturn in the cargo throughput at the nation’s seaports, thereby, making it difficult to meet its targeted revenue. It was gathered that a dollar exchange for N1,200 in the black market and N848 in the Ithe Nigerian Foreign Exchange Market (NAFEM). The naira has continued to weaken against the green back across all market segments since the Central Bank of Nigeria (CBN) announced the lifting of the ban on 43 items previously restricted from accessing foreign exchange (forex) from the investors and exporters’ (I&E) window now NAFEM. Sources in the seaports have told our correspondent that berths in the Apapa and Tin-Can Island ports are empty, especially in terminals that are handling bulk cargoes. Also, truckers have complained about drop in cargo haulage due to the decrease in import at the two busiest ports in the country. A truck owner, Yusuf Liadi, said haulage of cargo laden containers in the last one month has fallen to the lowest level.
Leadership