Barely 24 hours after it increased the Customs exchange rate to N1,356.883 per dollar on Friday, the Central Bank of Nigeria (CBN) on Saturday morning again jerked up the rate to N1,413.62.
This means Nigerians will pay more to clear their goods at the port as import duty is benchmarked against the dollar.
With the recent increase, import duty on goods has tripled within the seven months of the Bola Ahmed Tinubu government.
The new rate has since been reflected on the Customs trade portal.
The increase was vehemently opposed by importers and Customs brokers.
Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.
