Cargo imports have decreased by 65%, and stakeholders are blaming uncertain FX rates

However, the lifting of the CBN's prohibitions on forty-three products will increase imports.Recent data indicates that the Nigerian foreign exchange market issue has had an impact on importing, as cargo imports decreased by 65% between the third and fourth quarters of 2023.Participants in the Nigerian import market have identified a number of critical factors that have contributed to the gradual drop in imports, including the high exchange rate, which has an impact on customs duties, and the challenges importers encounter in obtaining foreign exchange at the official window.Terminal management have also streamlined port operations as a result of the development. According to Ascanio Russo, the Managing Director of Grimaldi Nigeria, operators of Ports & Terminal Multiservices Ltd, vehicle importation has drastically reduced by about 60 to 70%.