The Central Bank of Nigeria (CBN) has increased the Customs exchange rate for import duty once again, escalating from N1,356.883 per dollar to a staggering N1,413.62 within 24 hours.
This swift move comes on the heels of a 43% increase in the Customs import duty rate announced the day before, sparking vehement opposition from importers and Customs brokers.
Dr. Muda Yusuf, the Chief Executive Officer of the Centre for the Promotion for Private Enterprise, decried the move as "devastating," emphasizing that the 42.5% increase in the exchange rate would severely impact businesses across all sectors. The National Association of Government Approved Freight Forwarders warns of further increases, with plans allegedly underway to push the Customs exchange rate to N1,500 per dollar.
Stakeholders express anger, claiming these abrupt changes could lead to the collapse of the import business and hamper the Nigeria Customs Service's ability to meet its ambitious revenue target for 2024. The move has stirred controversy, with critics labeling the government as insensitive to the plight of ordinary Nigerians. The implications of these rapid currency adjustments are sparking concerns about the stability of businesses and the overall economic landscape.
