Market News

By : Adaku Onyenucheya

Freight forwarders have condemned the sale of empty containers in United States dollars in Nigerian ports at a time when the Federal Government is intensifying efforts to stabilise the economy and strengthen the Naira.

This follows an advertisement by Grimaldi Group, a shipping company operating in Nigeria, offering empty containers for sale in United States Dollars, with 40ft units at $2,000 and 20ft units at $1,600.

The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) described the sale in foreign currency as a direct affront to Nigeria’s economic stability and a contradiction to the Federal Government’s Renewed Hope Agenda.

The dollarisation of logistics services in the maritime sector has continued to meet resistance from port users, who said it is against the Coastal and Inland Shipping (Cabotage) Act and stifles economic stability.

The Central Bank of Nigeria (CBN) de-dollarisation policy, which will take effect on May 1, 2026, mandates all local transactions for goods and services to be settled in Naira to stabilise the foreign exchange (FX) market.

Although the CBN gave an exception to the oil & gas and maritime sector to transact in dollars to meet their peculiar needs, it should be under strict documentation requirements, especially regarding cash pooling.

APFFLON, in a statement signed by its National President, Frank Ogunojemite, expressed concern that a company operating within Nigeria would choose to denominate local transactions in a foreign currency at a critical time when the Federal Government is intensifying efforts to stabilise the Nigerian economy and strengthen the Naira.

They said this practice not only places undue pressure on the already strained foreign exchange market but also undermines national policies designed to promote confidence in the Naira.

“The sale of empty containers—assets physically located within Nigeria—has no justification whatsoever to be priced in U.S. Dollars. This form of dollarisation of domestic transactions is economically disruptive, anti-local content, and clearly out of tune with the realities faced by Nigerian businesses, importers and freight forwarders who earn revenues in Naira,” the group stated.

APFFLON said it viewed this development as an act capable of sabotaging the Federal Government’s Renewed Hope Agenda, particularly its focus on economic recovery, currency stabilisation, and reduction of dependence on foreign exchange.

The freight forwarding group said if unchecked, such practices will continue to erode the value of the Naira and weaken the resilience of Nigeria’s maritime and logistics sector.

They called on the Federal Government, the Central Bank of Nigeria and the Nigerian Shippers’ Council to immediately intervene by enforcing strict compliance with policies that mandate the use of Naira for all local transactions.

According to them, regulatory clarity and enforcement are urgently required to prevent further economic distortions.

APFFLON, however, urged all industry stakeholders to act responsibly and align their business practices with national economic priorities, noting that Nigeria’s economic recovery is a collective responsibility, and no operator should engage in actions that undermine the country’s financial sovereignty.

The association reaffirmed that it remains committed to protecting the interests of Nigeria and ensuring that the maritime industry contributes positively to national development.