CBN increases custom duty by 20%

By Ogunrinola Isaiah:

Custom duty exchange rate has been increased by The Central Bank of Nigeria (CBN) from ₦306/dollar to ₦326/dollar.

It was gathered that the rate was introduced on Monday and immediate implementation has since commenced.
Customs sources confirmed that the valuation department of Customs at all Commands had equally adjusted the exchange rate on their systems.

Association of Nigeria Licensed Customs Agents (ANLCA)’s Public Relations Officer; Emmanuel Onyeme, of the Tin-Can Island Port chapter, confirmed that all transactions and cargoes that were cleared from the port starting on Monday, were already paying N326 per dollar.

Onyeme lamented that the new exchange rate would definitely add to the cost of clearing cargo from Nigerian ports as well as the prices of goods in the market.

He argued that the policy should not have commenced with immediate effect because several agents have already accepted jobs from their importers based on the old rate of N306 per dollar.

 “The new rate took place at the ports today. It is already affecting our transaction with Customs because if the former exchange rate was N306 and they increased it by N20, with this, some extra money would be added to it,” he said.

He said, a vehicle that pays a duty of N300,000, will definitely pay more given the current increase in the exchange rate. “So, the new rate will affect the cost of clearing, especially for those who have collected jobs at the rate of N306.”

“And if the importer is selling his car for N1 million, with the additional cost, he is going to add whatever the extra cost is to it. The Customs have already changed the rate on their system and every job that was captured on Monday had to pay the new rate,” he added.

Leave a Reply

Your email address will not be published.

%d bloggers like this: