SHOCKING NEWS: Hardship for Nigerians As Customs Exchange Rate Increases to $589

…As Import Duty on Vehicles Skyrockets

By DAPO OLAWUNI

There are indications that the Nigeria Customs Service (NCS) has just increased the official exchange rate it uses to calculate import duties and levies from $422.30 to $589.

The exchange rate used by the Nigeria Customs Service for duty calculation originates from the Central Bank of Nigeria(CBN).

The new customs exchange rate effectively means that there would be an increase in prices of goods coming into the country through the airports, seaports and land borders.
DAILY TREND gathered that this was due to the recent increment in dollar exchange rate to $780.

Speaking with DAILY TREND exclusively, a Licensed Customs Agent, Hon Remilekun Sikiru confirmed that the new rate has been effected on the Nigeria Customs Service portal.

According to Hon Remilekun who is the Youth Leader of Association of Nigerian Licensed Customs Agents (ANLCA) at Tin Can Island Port of Lagos, the customs duty payable on vehicles have been increased astronomically.

For instance, the total duty payable on a Toyota Camry was N901,000 before now, but it has now increased to N1,270.000
Duty payable on Venza according to him was N1.632million before, but it is now increased to N2.278million

In the same vein, Toyota Corolla
total duty payable was N786,000 before, but it has now increased to N1.097million.

Also confirming the increase to DAILY TREND, Secretary of Association of Nigerian Licensed Customs Agents (ANLCA) at Tin Can Island Port, Barr Ovien Imonitie said as at last check on Saturday morning, the exchange rate has increased $589.

Barr Ovien said that the New Federal Govt Approved Exchange Rate for Doing Business both Import & Export has increased, even as he advised all clearing agents to adjust their Custom Duty Payment on all imported Goods.