Customs Duty Exchange Rate Hits N1,605 per dollar

By DAPO OLAWUNI

The exchange rate for the calculations of import duty payable to the Nigeria Customs Service has increased to N1,605.82, a development that has triggered reactions from importers and freight forwarders.

This is the 6th time the apex bank, Central Bank of Nigeria (CBN) would be adjusting the customs exchange rate in 2024.
The CBN had last week Friday reduced the rate from N1515.48 to N1472.756, a development which stakeholders described as a false hope because twenty four hours later, it was increased again to N1,493.23

In reaction to this, a customs broker, Barr Michael Imonitie Ovien lamented that there is apparently a CBN IT personnel who is permanently stationed on the portal to perform the changing of the exchange rate at every 24 hours to cause economic earthquake within the import and export system.

“Yesterday 16/02/2024, it was ₦1,472.84 and today 17/02/2024 it is reading ₦1,493.23. maybe tomorrow Sunday 18/02/2024 it will change again. Meanwhile Saturday and Sunday are Licence Custom Do Assess and Custom Transaction on Trade Facilitation, so what will be the motive behind this adjustment. The FMF and CBN has a lot to teach us in the Recession and Inflation a devaluation of the Naira” he wrote