Just barely a day after raising the Customs exchange rate to N1,356.883 per dollar, the Central Bank of Nigeria (CBN) has once again hiked it to N1,413.62 on Saturday morning.
This adjustment means that Nigerians will face higher costs to clear their goods at the port, as import duty is tied to the dollar exchange rate.
Following this latest increase, import duty on goods has now more than doubled within the span of seven months under the Bola Ahmed Tinubu administration.
READ ALSO: No Plans to Convert $30 Billion Domiciliary Deposits to Naira— CBN
The updated rate has already been implemented on the Customs Trade Portal. The initial hike of the Customs import duty rate by 43 percent on Friday was strongly opposed by importers and Customs brokers.
(Ships & Ports)