The Central Bank of Nigeria (CBN) has raised the exchange rate for computing Customs duties at the nation’s seaports again, making it the fourth increase in 10 days.
Information obtained from the official trade portal of the Nigeria Customs Service shows that the exchange rate was reviewed upward yesterday, February 12, from 1,417.635/$ to N1,444.56/$.
This is as the Sea Empowerment Research Centre (SERC) called on the minister of finance and coordinating minister of the economy, Wale Edun, to direct the CBN to stop the incessant increment of exchange rate for customs duty assessment.
The latest increase represents a 1.9 per cent increase in the Customs duty rate and it is the fourth time the apex bank is adjusting the rate this new year.
By implication, this will see importers and manufacturers that depend on the nation’s seaport for the importation of critical production inputs pay more to clear their goods as import duties are benchmarked against the dollar.
According to Leadership report, for the fourth time in 10 days, the CBN adjusted the exchange rate for Customs clearance of cargoes at the nation’s seaports to N1,444.56/$1, on Monday.
This year, the CBN has adjusted the import duty exchange rate four times in quick succession.
The exchange rate was moved from N951.941/$1 to N1, 356.883/$1 on February 2, 2024, and was again reviewed upward on February 3 to N1, 413.62/$. Last Saturday, the rate was changed again to N1,417.635/$ before it was raised on Monday to N1,444.56/$1.
Earlier in June 24, 2023, the CBN adjusted the exchange rate from N422.30/$ to N589/$, and on July 6, 2023, it was adjusted to N770.88/$. On November 14, 2023, it was adjusted to N783.174/$, in December 2023. (Leadership)
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