Central Bank of Nigeria (CBN) has once again increased the Customs duties exchange rate under the administration of Chief Bola Ahmed Tinubu, marking the third adjustment in 2024.
The latest revision sets the exchange rate at N1,417.635 per US dollar, reflecting a N4.015 increase and a 0.28% rise from the previous rate of N1,413.62.
This move comes amid a series of adjustments, with the Customs duties exchange rate being revised seven times in eight months since the commencement of Tinubu’s administration and the implementation of the floating naira policy to stabilize the forex market.
Importantly, this upward review poses implications for Nigerians as they will now bear higher costs for clearing goods at the port. Reports gathered has revealed that the current upward review of the exchange rate for calculating customs import duty is the third in one week and the third in 2024.
Experts have expressed concerns about the potential impact on the prices of imported goods and services in the country.
Bisiriyu Fanu, former chairman of the Association of Nigeria Licensed Customs Agents at Seme Border, warned that the continuous increase in import duties through high foreign exchange rates could lead to a general rise in market prices, affecting various commodities.
READ ALSO: Customs Adjusts FX Rate for Duties, Raises Tariffs from N770/$ to N783/$
Moreover, Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, emphasised that the heightened import duty would contribute to further impoverishment among Nigerians.
The adjustment, which follows two previous increases in the same week, underscores the challenges faced by the country in maintaining economic stability amid changing exchange rates.