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Importers To Pay More As CBN Increases Exchange Rate For Calculating Customs Duties

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Importers To Pay More As CBN Increases Exchange Rate For Calculating Customs Duties

The Central Bank of Nigeria (CBN) has announced an increase in the exchange rate used for calculating Customs duties at the seaports in the country.

Naija News reports the exchange rate was adjusted upwards on Monday, February 12th, from 1,417.635 Naira per US dollar to 1,444.56 Naira per US dollar.

The 1.9% increment was confirmed based on data from the official trade portal of the Nigeria Customs Service (NCS).

The latest increase represents marks the fourth time this year that the apex bank has made changes to the rate.

As a result, importers and manufacturers who rely on the country’s seaport to bring in essential production materials will be required to pay a higher amount to facilitate the customs clearance of their goods, as import duties will be set according to the value of the dollar.

CBN Defends Naira To Dollar Exchange, Inflation Rate, Others At Meeting With Senate

Meanwhile, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Friday, defended the apex bank by stating that it is already taking measures to contain the naira to dollar exchange rate and other related issues causing untold hardship in the country currently.

According to Cardoso, the decisions already taken will not only stabilize the rates but also reduce the negative impact of high exchange rates on inflation, as the two are interconnected.

Naija News reports that Cardoso stated this during an extensive meeting with the Joint Senate Committee on Finance, Banking, Insurance, and Financial Institutions on Friday, where he revealed that the CBN interventions have resulted in an influx of $1bn into the Nigerian market in recent days.