CBN Raises Import Duty Rate By Another 4.4% In 24 Hours

Just 24 hours after raising the Customs exchange rate to N1, 356.883 per dollar on Friday, February 2, the Central Bank of Nigeria, CBN, raised it again on Saturday, February 3, to N1, 413.62.

The new rate has now been reflected in the Customs trade site. Importers and Customs brokers were outraged when the Customs import duty rate was hiked by 43% on Friday.

Expressing their dissatisfaction with the constant increase, industry stakeholders said firms have yet to recover from the shocks of the fresh wave of currency devaluation caused by the unexpected unification of the exchange rate, which has driven the official exchange rate to around N1400.

Read Also: CBN Raises Import Duty Rate By Another 4.4% In 24 Hours

An unhappy stakeholder who reacted to the recent rise claimed that the development depicted the current government as uncaring.

“The whole situation has given away this government as insensitive to the plight of Nigerians. While we are still discussing the implications of Friday’s increase and how it is going to impact the lives of ordinary Nigerians, this government went ahead to slam yet another increase. I don’t know why a government can be so cruel and insensitive’,” the irate freight forwarder told Vanguard.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli