CBN Shocks Importers: Raises Import Duty Rate By Another 4.4% In Just 24 Hours

CBN Shocks Importers: Raises Import Duty Rate By Another 4.4% In Just 24 Hours

In a surprising move, the Central Bank of Nigeria (CBN) has increased the Customs exchange rate once again, this time by 4.4%, within a mere 24 hours……READ MORE

The rate soared from N1,356.883 per dollar on Friday to N1,413.62 on Saturday.

This swift adjustment has sparked strong opposition from importers and Customs brokers who are still grappling with the aftermath of the recent currency devaluation and exchange rate unification. The official exchange rate has surged to approximately N1400, causing significant challenges for businesses.

Stakeholders in the industry express frustration, with one individual labeling the government as insensitive, stating, “The whole situation has given away this government as insensitive to the plight of Nigerians.” The successive increases are viewed critically, raising concerns about the impact on ordinary Nigerians.