The Nigeria Customs Service (NCS) has announced an increase in the foreign exchange (FX) rate for import duties to N1,441.58 per dollar.
This represents a 4.94% increase from the previous rate of N1,373.64 per dollar, which was adopted on May 1.
The NCS typically adopts FX rates recommended by the Central Bank of Nigeria (CBN) for import duties, based on trading activities in the official FX market. However, the new rate is higher than the official FX rate of N1,402 per dollar recorded on May 2, and N1,390 per dollar traded on May 1.
According to the CBN, the customs and other related parties are required to adopt the closing rate in the official window for import duty. The FX rate at the point of importation should be used for import duty assessment until the termination date and clearance are finalized.
However, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, has expressed concerns that the frequent changes in FX rates could be detrimental to the economy. He noted that the real sector activities, such as planning, production, and other activities, are negatively impacted by these changes.
The increase in FX rate for import duties may have significant implications for importers and the wider economy, and it remains to be seen how this will play out in the coming days and weeks.
The hardship is getting too much in this country oooo
They increased it 2 times last month them do increase am again
Is to tell you we don’t have thinkers at the helm of affairs in this country, but do we ever learn as citizens come next election we will still vote for them,🤦🏿♂️
This people go kill person o nawa o
As the dollar kukuma come down things no reduce in price 😔
How does this affect the lives of the common man
They want people to start stealing
Whenever you see government policies, just know it’s for the masses to suffer it.
It’s God that will help us in this country oooo
Everything are on increase. Things are only climbing up
Think by doing so importation of foreign products will be discouraged
Nothing in this government is working. It just keeps getting harder.
Is there any good news from this country at all. Just imagine what is happening in our rates.