DUE TO A LACK OF FOREX, 12 MILLION CARGOES HEADED FOR NIGERIA ARE STUCK IN EUROPE AND ASIA.

Nigerian importers bemoan the over 12 million cargoes that are stuck in Europe and Asia because there aren't enough of them or enough foreign exchange to get them there.

The importers put the blame for their predicament—abandoned and stranded shipments across ports in Europe and Asia—on the unpredictability and high dollar-to-naira exchange rate. Mr. Silas Okocha, an importer, claimed in a conversation with Daily Sun over the weekend that the affected importers are currently making enormous attempts to obtain foreign currency from nearby nations in order to send the more than 12 million goods to Nigeria despite their severe discomfort. I can tell you for free that importation into Nigerian ports has decreased significantly since last year as a result of a lack of goods and an unpredictable currency rate. Visit any of the ports to discover the situation for yourself. How many importers can afford to purchase one dollar for 700 or 710 Naira in order to import consignment？

Over 12 million cargoes with a destination in Nigeria are currently stuck in Europe and Asia. Importers placed orders for these shipments while the dollar was worth between N460 to N550.

When this happens, you start looking for extra cash to send your shipments. Since the shipping firms do not accept Naira as payment for delivering your shipments, the majority of importers now look to their nearby neighbors, including Ghana. Because every serious businessman will want to turn a profit on every kobo he invests in, thats why the price of every good in the nation is rising. This is one of the factors contributing to the monthly increase in inflation. The August inflation, was the highest since September 2005, spiked to 20.52 percent just last week. The new inflation rate will unquestionably pressure the central bank to raise interest rates once more.

However, Otunba Frank Ogunjemite, President of the Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON), noted that the price of dollars has not been stable for more than two years as the naira exchange rate continues to fall. He emphasized that the development was killing importers, the country's fiscal policy needed to be reviewed to address some of the problems importers in the country were facing.

He said that the government should provide financial support to importers, especially those who bring in raw supplies and are occasionally left in the lurch.

The Ministry of Finance must provide for importers, according to the government. Every day, the naira weakens, and the exchange rate fluctuates. Look at Form M; it isn't applicable to forex. It's not always enough, even when the government makes the currency available.

The nation's imported cargoes have become trapped.

Since the server went down on Monday, clearing agents working at the ports that experience delays have complained that they have lost money as a result of the cargo delays.

The regular failure of the customs server has caused a bottleneck in the clearance of cargo.