Nigeria CBN Adjusts Import Duty FX Rate to N1,457/$ Amid Naira Depreciation

Amidst Naira's depreciation to N1,515/$, the Central Bank of Nigeria increases the import duty exchange rate to N1,457/$. This 3% hike poses challenges for importers, with the former Shippers Association president criticizing the instability. Analysts foresee continued Naira depreciation unless CBN intervenes, highlighting concerns over economic policy and trade regulations.

The Central Bank of Nigeria (CBN) has adjusted the exchange rate for calculating import duty at the nation's seaports to N1,457.014/$, marking a 3% increase from the previous rate.

This move comes amidst further depreciation of the Naira against the dollar, with the currency trading at N1,515 on the parallel market. Importers opening Form M today will face higher import duties due to the elevated exchange rate, compared to those who opened Form M earlier.

Analysts anticipate continued depreciation of the Naira against the dollar unless the CBN intervenes. Jonathan Nicole, former president of the Shippers Association of Lagos State, criticizes the instability caused by frequent tweaking of import duty rates, highlighting the need for standard procedures in line with international practices.