The Central Bank of Nigeria (CBN) changed the exchange rate on the Customs platform to N1,413.62/$1 on Saturday in response to stakeholders’ rejection of the N1,356.883 rate.
Less than a day has passed after the CBN raised the exchange rate on Friday, February 2, 2024, from N951.941/$1 in December to N1,356.883/$1. Recall that the CBN changed the exchange rate from N422.30/$1 to N589/$1 on June 24, 2023, and then again on July 6, 2023, to N770.88/$1.
It was changed to N783.174/$1 on November 14, 2023; N951.941/$1 on December 7, 2023; N1,356.883/$1 on Friday, February 2, 2024; and it is currently changing to N1,413.62/$1.
However, since import duty is based on the dollar, marine experts stated that Nigerian importers will have to pay more to clear their goods at the port as a result of the exchange rate increase.
The import duty on commodities has now tripled over the seven months of the Bola Ahmed Tinubu administration due to the latest hike.
The Customs trade portal now displays the updated rate. When the supreme bank originally raised the Customs import duty rate by 43 percent on Friday, importers and Customs brokers fiercely resisted the hike.