Data obtained from the federal government trading portal showed that as of Sunday, June 9, 2024, importers will be charged N1,447.965 per dollar for import duty.
The new rate represents a 2.51% reduction from the previous rate of N1,485.322 per dollar on Friday, June 7.
In an earlier report, Adewale Adeniyi, the NCS comptroller general, explained that the fluctuations in import duty rates over the past few months are not the result of the service’s actions.
He noted that the NCS does not fix rates and that the changes align with the CBN’s floating foreign exchange rate regime.
His words:
Earlier, TimesNow.com.ng reported that Peter Obi reacted to customs duty rate changes and expressed concerns that they are affecting many businesses.
He further suggested to the government the perfect exchange rate to peg the duty rate in the spirit of ease of doing business.
Similarly, Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE) described the frequent changes had become a huge burden on the business community.
Yusuf noted that the situation has caused cargo clearing costs to be very unstable, making inflation worse and increasing investment risk, especially in the real economy.
He suggested that Customs set a quarterly exchange rate between N800/$ and N1000/$ for import duties assessment.
Source: TimesNow.com.ng
