CBN Announces Higher Import Duty Rates

CBN Announces Higher Import Duty Rates....KINDLY READ THE FULL STORY HERE▶

The Central Bank of Nigeria (CBN) has raised the exchange rate for cargo clearance at the country’s seaports and airports from ₦1,600.32 to ₦1,618.73. This adjustment, the highest rate since March 2024, comes alongside a 6.43% depreciation of the naira in July……. CONTINUE READING

This increase is expected to heighten challenges for importers by driving up import costs and contributing to inflationary pressures. Despite the CBN’s efforts to stabilize the naira through various foreign exchange sales, market conditions remain difficult.

According to reports, the exchange rate to the USD has risen by ₦18, from ₦1,600.32 to ₦1,618.73. This depreciation occurred despite the CBN’s interventions aimed at improving liquidity in the official market through dollar sales.

Clearing agent Oladimeji Majekodunmi expressed concerns about the escalating costs of clearing containers at the ports. He noted that clearing a 40ft container of food items now costs upwards of ₦20 million, a significant increase from previous rates. Majekodunmi highlighted a substantial drop in cargo throughput, with port activity diminishing noticeably.

Many agents are struggling with transportation costs and financial instability, and some importers have faced bankruptcy. Majekodunmi emphasized the need for a stable exchange rate to support importers and mitigate economic disruptions.

Lucky Amiwero, National President of the National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), urged the federal government and the CBN to introduce a special exchange rate for calculating import duties. He argued that a stable, manageable exchange rate would promote economic growth and benefit the broader Nigerian public.

Amiwero criticized the current reliance on floating exchange rates for customs duty assessments, which he believes contributes to rising goods prices and food scarcity. He called for a more stable exchange rate system to reduce uncertainties and financial strain on consumers, advocating for measures to stabilize the domestic trading environment and support importers.

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