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Again, CBN raises Customs duty rate to N1,605.82 per dollar



Less than five days after it marginally reduced the Customs
Exchange rate from N1515.48 to N1472.756 last week, the Central Bank of Nigeria
(CBN) has again, for the umpteenth time, increased the rate to N1605.82 per

The rate, which has already been reflected on the Customs
portal today, February 21st, 2024, has further dampened the hope of the
despondent customs brokers and their importers that the Apex bank has finally
eased its foot on the pedal.


Recall that last Friday, February 16th, 2024, the CBN
reduced the rate to N1,472.756 per dollar 24 hours after it raised it to



Also recall that the reduction last week was in response to
the appeal made by the members of the House of Representatives who frowned at
the frivolous manner in which the apex bank has been jerking up the customs
duty exchange rate.


The recent increase, which the stakeholders said will not be
the last, has set tongues wagging about whether the CBN is sensitive to the
pains, hunger and general sufferings in the country.



Customs brokers have lamented that the incessant increases
have impacted negatively on their businesses as well as trade volume, as
importers have abandoned their goods at the ports while others have diverted
their cargoes to the ports of neighboring countries.


Recall that the CBN has increased the customs duty exchange
rate more than five times in one month this year.

Source link: Nigerianeye

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