BUSINESS

CBN Hikes Customs Duties By 2.6 % For Fifth Time In 2024

 

The Central Bank of Nigeria ( CBN) has increased the exchange rate for computing customs duties at the Nation’s seaports for the fifth time in less than 60 days of 2024.

The rate was reviewed upward on Wednesday morning from ₦1,444.56/dollars to ₦11,481,482/dollars, according to information obtained from the official trade portal of the Nigeria Customs Service(NCS).

This implies that importers will be paying more to clear their goods as import duties are benchmarked against the dollar.

The present review by the Apex Bank represents a 2.6percent increase in the customs Duty rate and increase of ₦36.922 per dollar compared to the previous rate of ₦1,444.56/dollars.

The situation has brought about uncertainty in Nigeria’s business environment has it keeps increasing by the day.

The worrisome happenings has perpetually put Importers under serious pressure and unable to plan in a situation where the exchange rate is inrapidly increasing.

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