CBN Raises Import Duty Forex Rate For Fourth Time In 10 Days, Maritime Experts Express Concern

CBN Raises Import Duty Forex Rate For Fourth Time In 10 Days, Maritime Experts Express Concern

In a swift adjustment, the Central Bank of Nigeria (CBN) has once again raised the Customs exchange rate, marking the fourth increase in just 10 days. The new rate stands at N1,481.482/$1, reflecting a significant uptick from the previous rate of N1,444.56/$1…..READ ALSO Reps Summon CBN And MDAs Over TSA Violations

This latest adjustment, the fifth in 12 days and the ninth since President Bola Tinubu’s administration commenced in May 2023, has sparked concerns among maritime experts.

They argue that the upward revision will inevitably lead to higher costs for Nigerians clearing goods at the ports, as import duties are tied to the dollar exchange rate.

The series of adjustments initiated by the CBN began with a move from N422.30/$ to N589/$ on June 24, 2023, followed by subsequent increases to N770.88/$ on July 6, N783.174/$ on November 14, and N951.941/$ in December.

In the new year, the exchange rate saw further adjustments, reaching N1,356.883/$ on February 2, N1,413.62/$ on February 3, N1,417.635/$ on February 10, and N1,444.56/$1 on February 11. The most recent adjustment, occurring on Wednesday, February 14, brings the rate to N1,481.482/$1.

As stakeholders monitor these rapid changes, the impact on import-dependent sectors and the broader economy remains a subject of concern and scrutiny.