CBN raises exchange rate for payment of Customs duty by N20 to N326/$

The Central Bank of Nigeria (CBN) has increased the exchange rate for the payment of import duty to the Nigeria Customs Service (NCS) by N20 to N326 at the ports.

BusinessDay understands that the officers of Customs at ports commenced the implementation of the new exchange rate with immediate effect on Monday while Customs sources confirmed that the valuation department at all commands has equally adjusted the exchange rate on their systems.

Confirming this, Tony Anakebe, managing director of Gold-Link Investment Ltd, said in a telephone interview that the implementation of the new exchange rate, which started on Monday, took both importers and their agents by surprise.

According to him, there was no pre-notice to that effect as import duty skyrocketed immediately Customs commenced implementation as required by the CBN.

Emmanuel Onyeme, Public Relations Officer of the Association of Nigeria Licensed Customs Agents (ANLCA), Tin-Can Island Port chapter, also confirmed that all transactions and cargoes that were cleared from the port starting on Monday, were already paying N326 per dollar.

Onyeme lamented that the new exchange rate would definitely add to the cost of clearing cargo from Nigerian ports as well as the prices of goods in the market.

He argued that the policy should not have commenced with immediate effect because several agents have already accepted jobs from their importers based on the old rate of N306 per dollar.

 “The new rate took place at the ports today. It is already affecting our transaction with Customs because if the former exchange rate was N306 and they increased it by N20, with this, some extra money would be added to it,” he said.

He said, a vehicle that pays a duty of N300,000, will definitely pay more given the current increase in the exchange rate. “So, the new rate will affect the cost of clearing, especially for those who have collected jobs at the rate of N306.”

“And if the importer is selling his car for N1 million, with the additional cost, he is going to add whatever the extra cost is to it. The Customs have already changed the rate on their system and every job that was captured on Monday had to pay the new rate,” he added.