Nigerian Importers Financial Pressure Increases, As CBN Raise Customs Duty Again

Less than five days after it marginally reduced the Customs Exchange rate from N1515.48 to N1472.756 last week, the Central Bank of Nigeria (CBN) has again, for the umpteenth time, increased the rate to N1605.82 per dollar.

The rate, which has already been reflected on the Customs portal today, February 21st, 2024, has further dampened the hope of the despondent customs brokers and their importers that the Apex bank has finally eased its foot on the pedal.

Recall that last Friday, February 16th, 2024, the CBN reduced the rate to N1,472.756 per dollar 24 hours after it raised it to N1,515.48.

Also recall that the reduction last week was in response to the appeal made by the members of the House of Representatives who frowned at the frivolous manner in which the apex bank has been jerking up the customs duty exchange rate.

The recent increase, which the stakeholders said will not be the last, has set tongues wagging about whether the CBN is sensitive to the pains, hunger and general sufferings in the country.

Customs brokers have lamented that the incessant increases have impacted negatively on their businesses as well as trade volume, as importers have abandoned their goods at the ports while others have diverted their cargoes to the ports of neighboring countries.

Recall that the CBN has increased the customs duty exchange rate more than five times in one month this year.