Nigerians To Pay More for iPhone, Cars As CBN Increases Customs Dollar Rate To Clear Goods at Ports
- The Nigeria Customs Service has once again set a new duty rate for clearing imported goods at Nigerian ports
- The new rates reflect the current state of the Nigerian currency in the official foreign exchange market
- Based on the latest changes, it will now cost more for importers to clear goods at ports after the workers' public holiday
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends
The currency rate used to determine customs charges at the country's seaports and airport has been increased again by the Central Bank of Nigeria (CBN).
Data from federal government trade portal shows that importers through clearing agents looking to pay customs duty at ports will use N1,373.64 exchange rate.
Source: Getty Images
The new rate implemented first on April 28, 2024 represents an increase of 17.92% when compared to the previous rate of N1,164.843.
The changes is in line with the current official exchange rate for the dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Legit.ng reported that Nigerian currency on the official market closed at N1,390.96/$1 on Tuesday, April 30, 2024.
Clearing agent speaks
Reacting to the latest exchanage rate, a licensed customs clearing agent, Joe Madu, told Legit.ng that the changes in the customs rate is making life difficult.
"Frankly, it is not easy since the CBN decided to peg the Form M to NAFEM exchange rate. We have pleaded and explained to the government the disadvantage of the fluctuating exchange rate, but the government remains adamant.
"This is why, even if the naira falls to N1,000/$, it will be difficult for the improvement to reflect in the market prices for products because importers will be concerned about how much they will pay to restock.
"If the government can peg the Form M rate to N1,000/$, I can assure you that prices of imported items in the country will drop, and Nigerians will feel the changes."
CBN hopes to crashe dollar
Earlier, Legit.ng reported that the CBN carried out another round of forex sales to licensed Bureau De Change Operators in the country.
Each BDC received $10,000 as the CBN bid to reduce the exchange rate at which the dollar is sold on the street.
The Central Bank of Nigeria also instructed that the BDCs to sell at a maximum of N1,269/$1 to achieve its objective.
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Source: Legit.ng
