Prices Of Goods May Rise As Import Clearing Rate Hits N783.17/$1

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), for import duties and levies from N770.88/$1 to N783.174/$1.

With this adjustment, the prices of imported goods which Nigeria practically depends on will escalate further in the coming days with attendant untold hardship on many Nigerians.

LEADERSHIP reports that the CBN had on June 24th, adjusted the exchange rate from N422.30/$1 to N589/$1, on July 6th, it was adjusted to N770.88/$1

It was gathered that the changes were officially reflected on the Customs portal on Thursday through the Central Bank of Nigeria (CBN).

However, with the adjustment in the exchange rate, importers bringing goods through the nation’s seaports will now be paying more as import duty tariffs following the addition of N12.294 to any one dollar of the total value used in calculating import duty.

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.