CBN raises Customs FX duty rate for cargo clearance to N1,327.35/$1

As the Nigerian official currency, the naira continues to fluctuate in va the Central Bank of Nigeria (CBN), has again raised the exchange rate for paying import duty by 14 percent from N1,164.84/$ to N1,327.35/$ on Monday, April 29.

This latest increase is coming barely 24 hours after the apex bank slashed the foreign exchange rate for calculating import duty at the nation’s seaports thereby dashing importers’ hope.

Information obtained from the official trade portal of the Nigeria Customs Service (NCS) shows that the apex bank raised the Customs FX duty rate from N1,164.84/$ to N1,327.35/$ on Monday, April 29.

In his reaction, Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise encouraged fiscal authorities to stabilise rates to give policy support to critical sectors of the economy and also give breathing space to investors without burdening them with too much taxation.

READ ALSO: Exchange rate falls to N1,419/$1 in official market, worst since March

On his part, Eugene Nweke, a freight forwarder, called for a fixed exchange rate regime for cargo clearing at the port to give relief to businesses, support trading activities, and stabilise the market value of products.

According to him, the port’s high import and clearing cost is exacerbating Nigeria’s inflation rate.

“The Freight forwarders are actually not against the efforts of the government towards stabilizing the naira, and the noticeable gains made so far, the impact and reality of such gains is our concern.

“What the International traders and freight forwarders are saying is simply that such efforts should be deliberately and evenly integrated without killing or hampering trading activities in the country” he said.

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