The Central Bank of Nigeria (CBN) has once again increased the exchange rate for computing Customs duties at the country’s seaports.
This marks the second adjustment in just three days, with the rate climbing from one thousand four hundred and seventeen point six naira to a dollar, to one thousand, four hundred and forty-four point five naira to a dollar on Monday.
The one point nine percent surge in Customs duty rate is the fourth adjustment by the CBN this year, impacting importers and manufacturers reliant on seaports for critical production inputs.
This latest revision forces businesses to pay more for clearing goods, as import duties are linked to the dollar.
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