• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, August 2, 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

Inflation Rises For 5 Straight Months To 22.42%

by Mark Itsibor
2 years ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

 

Advertisement

 

Customs duty payable on imported items at the nation’s seaports has increased after the Central Bank of Nigeria (CBN), adjusted the the official exchange rate used by the Nigeria Customs Service (NCS), to calculate import duties and levies from N589/$1 to N770.88/$1.

LEADERSHIP reports that the CBN had on June 24th, adjusted the exchange rate from N422.30/$1 to N589/$1.

However, the Customs Service had in a circular to clearing agents associations in the country informed them about the exchange rate policy and the CBN directive to implement it.

RELATED

Business Summit Partners UWEAL To Empower African Entrepreneurs

Business Summit Partners UWEAL To Empower African Entrepreneurs

8 hours ago
New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

12 hours ago

In a circular exclusively obtained by LEADERSHIP, titled, ‘Implementation of the floating foreign exchange rate regime,’ the Customs Area Controllers, Tin-Can Island Command of the NCS, Compt. Kayode Oloyede, said the CBN has mandated the service to begin implementation of the floating exchange rate policy.

The circular dated 5th July, 2023, reads, “In recent times, there has been a fluctuation of the exchange rate for trade as a result of the introduction of the Floating Exchange Rate Regime instituted by the Central Bank of Nigeria.

“Against this backdrop, the Central Bank of Nigeria has instructed all Ministries, Departments and Agencies (MDAs’) of Government, including the Nigeria Customs Service to, hitherto, implement this policy. You are hereby notified of this new policy direction. Accept my warmest regards, please.”

However, maritime experts have argued that the new customs exchange rate effectively means there would be an increase in import duty payable by clearing agents to the Customs service and would overall affect price of goods at the market.

Confirming the increment, the public relations officer, Tin Can Island chapter of the Association of Nigerian Licenced Customs Agents (ANLCA), Comrade Onome Monije, rued the increment, saying clearing agents will now pay more for cargo clearance at the various seaports.

She said the increment will affect vehicle clearance, saying clearing agents should engage their clients to forestall disagreement.

“The federal government has increased the  Dollar exchange rate, from N422.30 to N589.45 now we are at N770.88 to a dollar. What it implies in simple terms is that, if clearing agents have a Debit Note that has not been paid on the system or Pre-Arrival Assessment Results (PAAR) or they have given you the value and you have not captured, it has affected you directly.”

“We just believe that maybe with time, we will see low exchange rate and it will become beneficial to the importers as well because once there is a change in the portal, there is nothing anybody can do about it. But if you have captured or access your work, you are good to go and your consignment would be released for you if you don’t have any infraction.”

She explained that only clearing agents that has done capturing of their consignment  would pay with the old price.

“Whether you have collected your value, whether you have a PAAR, if you have not done your assessment as at now, you can’t capture with that old rate. Especially for the Roll On Roll Off (RORO) or those that are doing PAAR door to door. It’s a Federal government policy. We stakeholders can’t do anything for now, because it’s the prerogative of FG to intervene and  stabilize the foreign exchange market,” she stated.

Speaking to LEADERSHIP, the public relations officer, African Association of Professional Freight Forwarders of Nigeria (APFFLON), Tin Can Island Port Complex, Clinton Okoro, asked the federal government to suspend the new adjustment to relief hardship on the people.

According to Okoro, Nigeria as a consuming nation cannot afford a high exchange rate for cargo clearance as it will affect the people’s standard of living.

He said, “I don’t understand this unfriendly policies that is coming from the federal government. Also, I am not aware whether Customs and finance ministry met with the stakeholders before this decision was taken.

“Just about 10 days ago, there was a change because what was in the system was N422.3 but, we woke up on June 24th to see N589/$1 in the system. We have been trying to see how we will manage the situation because lots of pressure are on us from the importers as they thought clearing agents are the one manipulating the adjustment.”

“Again, this morning, the first thing I got at a DTI cafe where I went to capture a job was another adjustment. I don’t know how to go about it because no one is informed of the adjustment.”

Speaking on the implication of the exchange rate adjustment, he said, “the duty payable on cargoes has changed. It is now terribly high. Government should do a round table discussion with stakeholders and see how to mitigate further adjustment because of the hardship on people.

“Nigeria is a consuming nation, they should see how to reduce the hardship on the people because it’s telling on the masses. They should suspend it. The CG of customs should be called to suspend it,” he stated.

 


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




SendShareTweetShare
Previous Post

Mmesoma: What Really Happened?

Next Post

AGRA Targets 1.2m Farmers In New Strategy For Nigeria

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

Business Summit Partners UWEAL To Empower African Entrepreneurs
Business

Business Summit Partners UWEAL To Empower African Entrepreneurs

2025/08/02
New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations
Business

New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

2025/08/02
FUEL CRISIS…Hold Marketers Responsible For Long Queues – Dangote
Business

Dangote Refinery Appoints David Bird As CEO

2025/08/02
Nestlé Equips Over 3.7m Children In 2023
Business

Nestle Nigeria Deepens Grassroots Impact With Women Empowerment Initiative

2025/08/02
Wema Bank Rewards 131 Customers With N11m In ‘5 For 5’ Promo Monthly Draw
Business

Wema Bank Grows Profit by 231% in H1 2025

2025/08/02
United Capital Appoints Uche Ike As New Chairman
Business

United Capital Appoints Uche Ike As New Chairman

2025/08/02
Leadership Conference advertisement

LATEST

Edo LG Polls: I’m Aspiring To Advance Good Governance In Ovia South-West — Omoruyi

LASU Suspends Exam, Academic Activities

ADC Condemns Shutdown Of Radio Station In Niger

Abure-led Labour Party Faults INEC Over Party’s Omission In By-election

Gov Sani Distributes 400 Trucks Of Fertilizer To 100,000 Kaduna Farmers

Police Clash With Community Over Land Dispute In Abuja

Zulum Allays Borno Residents’ Fears Over Alau Dam

Police Summon Sowore For Alleged Forgery, Inciting Disturbance

Tinubu Celebrates Ex-VP Sambo At 71

NSE President Urges Stronger Nigeria–Japan Synergy For Infrastructure Dev’t

© 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.