Five months after the Central Bank of Nigeria (CBN) floated the Naira, the Federal Government yesterday adjusted the Nigerian Customs Service (NCS) Exchange Rate calculations of import duties from N770.88/$ to N783.174/$.
The changes were officially reflected on the NCS portal, just as stakeholders in the import and export value chain said the new rates would guide importers and clearing agents as they make quotations for new jobs and capture for payments.
CBN had authorised banks to sell foreign exchange freely at market-determined rates, aligning with President Bola Tinubu’s commitment to ensure a single exchange rate regime.
But the economic hardship occasioned by some economic policies of the new administration alongside Federal Government’s trade and fiscal policy measures on duty rates, tariffs, excise levies and taxes, has resulted in a 70 per cent drop in importation into the country.
Already, the cost of clearing cargoes in Nigeria is higher than other African countries and is seen as the most expensive in the West and Central Africa hub.