Expect Increase in Vehicle Import Duties as CBN Hikes FX for Cargo Clearance to N951/$

Information available to Techeconomy shows that importers will pay more import duty for the clearance of their cargoes at the nation’s seaports.

Our correspondent gathered that the Federal Government through the Central Bank of Nigeria, has raised the exchange rate for cargo clearance from N783/$ to N952/$.

The increment recorded was as a result of the floating of naira that allowed market forces determine the exchange rate of its currency.

Stabilize the Naira, US Treasury’s Adeyemo tells Tinubu

This is coming barely three weeks after the rate was increased from N757/$ to N783/$, representing a 3.4 per cent increase.

Details later…