- The Central Bank of Nigeria adjusted the official exchange rate for import duties, raising concerns about increased prices for imported goods
- The Customs portal now reflects the change, impacting import duty tariffs and raising costs for clearing agents at seaports
In a recent move, the Central Bank of Nigeria (CBN) has modified the official exchange rate employed by the Nigeria Customs Service (NCS) for import duties and levies, resulting in a surge from N770.88/$1 to N783.174/$1. This shift has triggered concerns about the potential escalation of prices for imported goods, a vital lifeline for Nigeria, and the subsequent hardships it might impose on its citizens.
The CBN’s decision, implemented on June 24th with an exchange rate adjustment from N422.30/$1 to N589/$1, and further on July 6th to N770.88/$1, is now reflected on the Customs portal, officially influencing customs duty payable at the nation’s seaports.
Importers navigating goods through these seaports will bear the brunt of this adjustment, facing increased import duty tariffs. This change translates to an additional N12.294 for every dollar in the total value used to compute import duties.
Maritime experts contend that this new customs exchange rate will inevitably raise the import duty burden on clearing agents, thereby impacting the overall market prices of goods.
The public relations officer of the Tin Can Island chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Comrade Onome Monije, confirmed the increment, expressing concern over its repercussions. She lamented that clearing agents would now shoulder higher costs for cargo clearance at various seaports, particularly affecting vehicle clearance. Monije urged clearing agents to proactively engage with their clients to preempt potential disagreements arising from the increased financial burden.
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