The Central Bank of Nigeria, CBN has increased the Customs Duty exchange rate for cargo clearance from 783 to 952 matched to 1 dollar.
Rates were previously raised from N757 to N783 less than a month ago marking a 3.4% increase.
Subsequently, the updated rate has reflected on the Nigeria Customs Service portal.
Meanwhile The Association of Nigerian Licensed Customs Agents (ANLCA) has asked customs brokers to be cautious in their transactions and provide appropriate guidance to importers regarding the recent increase in customs duty exchange rates.
Industry operators are unhappy with this increase and constant fluctuations in customs duty exchange rates which have introduced volatility, unpredictability, and instability into the import and export trade.
The increase in rates according to ANLCA Shall stimulate a negative ripple effect on inflation and worsen the economic challenges faced by Nigerians.
(C) ControlTV 2023
