This is the fourth increase in ten days that the Central Bank of Nigeria (CBN) has made to the currency rate used to calculate customs charges at the country’s seaports.
According to data from the Nigeria Customs Service’s official trade portal, the exchange rate was revised increased yesterday, February 12, going from 1,417.635/$ to N1,444.56/$.
This comes as Wale Edun, the minister of finance and coordinating minister of the economy, is being urged by the Sea Empowerment Research Center (SERC) to order the CBN to cease the constant increase in currency rates used to calculate customs duties.
The most recent rise, which amounts to a 1.9% increase in the customs duty rate, is the fourth rate adjustment this year by the top bank.
Import tariffs are benchmarked to the dollar, which implies that importers and manufacturers who rely on the country’s seaport for the importation of essential production inputs will have to pay extra to clear their goods.
According to News VEO, on Monday, the CBN changed the exchange rate for cargo clearance by customs at the country’s seaports to N1,444.56/$1, marking the fourth adjustment in ten days.
The CBN has swiftly changed the import duty exchange rate four times this year.
On February 2, 2024, the exchange rate was changed from N951.941/$1 to N1, 356.883/$1, then on February 3, it was once more revised increased to N1, 413.62/$. The rate was adjusted once more last Saturday to N1,417.635/$, and on Monday it was increased to N1,444.56/$1.
The CBN changed the exchange rate on June 24, 2023, from N422.30/$ to N589/$, and on July 6, 2023, it was changed to N770.88/$. It was changed to N783.174/$ in December 2023 on November 14, 2023.
The last increment occurred on the 11th of February 2024 when the Central Bank of Nigeria (CBN) raised it from ₦1,413.62/$ to ₦1,417.635/$.