• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, June 28, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Again, CBN Increases Customs Duty On Cargo Clearance By ₦4

by Yusuf Babalola
1 year ago
in Business, News
Cbn
Share on WhatsAppShare on FacebookShare on XTelegram

The Central Bank of Nigeria (CBN) has, for the third time this year, increased the exchange rate for calculating customs duties at the nation’s seaports from ₦1,413.62/$ to ₦1,417.635/$.

Advertisement

With the upward review, Nigerians will pay more to clear their goods at the port because import duties are benchmarked against the dollar.

According to information obtained from the official website of the Nigeria Customs Service, the exchange rate was reviewed upward on Friday, 9 February.

This represents an increase of ₦4.015 and a percentage increase of 0.28 percent, which is below the official CBN exchange rate of ₦1,481.982/$ as of the morning of Saturday, February 10, 2024.

It was gathered that the current upward review of the exchange rate for calculating Customs import duty is the third in one week and also the third in 2024.

RELATED

PICTORIAL: 300 Journalists Benefit From Abuja NUJ, Nizamiye Hospital Medical Outreach

PICTORIAL: 300 Journalists Benefit From Abuja NUJ, Nizamiye Hospital Medical Outreach

1 hour ago
Nollywood Filmmaker, Kayode Peters, Dies In Canada

Nollywood Filmmaker, Kayode Peters, Dies In Canada

2 hours ago

It is also the seventh time the apex bank has adjusted exchange in the space of eight months since President Tinubu’s administration commenced the floating naira policy, a reform aimed at stabilising the forex market.

The Customs had on June 24, 2023, adjusted the exchange rate from ₦422.30/$ to ₦589/$, and on July 6, 2023, it was adjusted to ₦770.88/$, on November 14, 2023, it was adjusted to ₦783.174/$, in December it was adjusted to ₦951.941/$, on February 2 it was moved to ₦1, 356.883/$ and on February 3, it was raised to ₦1, 413.62/$ and now it has been raised to ₦1,417.635/$.

Reacting recently in an interview, Bisiriyu Lasisi Fanu, former chairman of the Association of Nigeria Licensed Customs Agents at Seme Border, said the frequency at which the CBN is adjusting the exchange rate has become worrisome, which is why there is so much overtime cargo at the port.

“CBN can’t change the rate and expect the importer who has made his calculation on what the landing cost and profit will be based on the previous exchange rate to survive. How do you expect the importer to generate the difference immediately to clear the goods from the port? It is not possible,” Fanu said.

He said the hike in Customs duty through high FX rates will affect all goods in the market because every commodity in the market has imported input in them.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: CBN
SendShareTweetShare
Previous Post

Tinubu Lauds Armed Forces, Seeks End To Banditry, Insurgency

Next Post

Ramadan: Sultan Urges Muslims To Look Out for Sha’aban Crescent

Yusuf Babalola

Yusuf Babalola

You May Like

PICTORIAL: 300 Journalists Benefit From Abuja NUJ, Nizamiye Hospital Medical Outreach
News

PICTORIAL: 300 Journalists Benefit From Abuja NUJ, Nizamiye Hospital Medical Outreach

2025/06/28
Nollywood Filmmaker, Kayode Peters, Dies In Canada
Entertainment

Nollywood Filmmaker, Kayode Peters, Dies In Canada

2025/06/28
PICTORIAL: Mammoth Crowd Attends Ga’ib Funeral Prayer For Late Dantata In Kano
News

PICTORIAL: Mammoth Crowd Attends Ga’ib Funeral Prayer For Late Dantata In Kano

2025/06/28
Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike
Business

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

2025/06/28
Coup Calls Blamed On Criminals Losing Ground To Military
News

Fake News Threatens Military Morale — NYSDI

2025/06/28
Niger Killings: NEF Demands State Of Emergency In Northern Nigeria
News

Niger Killings: NEF Demands State Of Emergency In Northern Nigeria

2025/06/28
Leadership Conference advertisement

LATEST

Kwara United Win 2025 President Federation Cup

PICTORIAL: 300 Journalists Benefit From Abuja NUJ, Nizamiye Hospital Medical Outreach

Nollywood Filmmaker, Kayode Peters, Dies In Canada

PICTORIAL: Mammoth Crowd Attends Ga’ib Funeral Prayer For Late Dantata In Kano

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

Fake News Threatens Military Morale — NYSDI

Akwa Ibom APC Chairman Killed In Brawl With PDP Supporters Over Largesse

Niger Killings: NEF Demands State Of Emergency In Northern Nigeria

Dantata Leaves Monumental Legacy In Philanthropy, Entrepreneurship — Buhari

Rivers Angels Beat Nasarawa Amazons To Win 2025 President Federation Cup

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.