Imported Goods Face Hike in Prices as CBN Alters Exchange Rate Used by Nigeria Customs Service

The Customs duty payable on imported items at Nigeria’s seaports has surged following the Central Bank of Nigeria’s (CBN) recent adjustment of the official exchange rate used by the Nigeria Customs Service (NCS).

The exchange rate was shifted from N770.88/$1 to N783.174/$1, marking a considerable increase.

This modification is anticipated to raise the cost of imported goods, leading to potential hardships for many Nigerians.

The adjustments were officially implemented on the Customs portal.

Maritime experts predict that this new customs exchange rate will elevate import duty payments by clearing agents, exerting upward pressure on overall commodity prices in the market.

This development comes after previous adjustments to the exchange rate by the CBN, contributing to the economic landscape’s evolving dynamics.

Source: Leadership Newspaper