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CBN raises import duty rate by another 4.4% in 24 hours

CBN

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

The new rate has since been reflected on the Customs trade portal. The increase was vehemently opposed by importers and Customs brokers when it first increased the Customs import duty rate by 43 per cent on Friday.

Expressing their frustration at the incessant increase, stakeholders in the industry say businesses are yet to recover from the shocks of the new round of currency devaluation resulting from the sudden unification of the exchange rate which has driven the official exchange rate to about N1400.

An angry stakeholder who reacted to the latest increase said the development has portrayed the present government as insensitive.

” 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

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