Again, CBN raises Customs duty rate by 2.6%

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Misery of Nigerian importers have continued to worsen as the CBN on Wednesday, readjusted the Customs exchange rate from N1444.56/$1 to N1,481.482/$1

According to information gathered, the exchange rate was reviewed upward by N36.922 that is 2.56% against the last increment, in the early hours of 14th February, 2024. Also, the adjustment will be the 5th in 12 days and 9th since the beginning of the administration of President Bola Tinubu in May 2023.

Marítime experts have, however, argued that with the upward review, Nigerians will pay more to clear their goods at the port because import duties are benchmarked against the dollar.

Hub 247 News gathered that 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/$, on Nov 14, 2023, it was adjusted to N783.174/$, in December it was adjusted to N951.941/$


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