Business Hilights

Tracking Nigeria's Headline Business News Online


CBN Again, Hikes Import Duty By 42.5%

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Twice in two straight months, the Central Bank of Nigeria (CBN) has raised customs duty from N951.941 per dollar to N1,356.883/$.

This development requires that the importers raise more funds to clear their cargoes at the seaports, airports and landborders.

According to information obtained from the Customs official website, the exchange rate for cargo clearing was adjusted by 42.5%.

According to port users, the hike would have huge implications on the prices of imported goods already being pressured by surging inflation.

It is the fourth exchange rate adjustment the port industry has witnessed after the Service started the implementation of the floating foreign exchange rate regime by the Central Bank of Nigeria in July 2023 and the fourth since the coming into power of the new government.

The Customs had on June 24, 2023, 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 it was adjusted to N951.941/$ and now it has been moved to N1, 356.883/$.

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