The recent 40 per cent hike in the exchange rate for cargo clearance at the seaports and the increase in tariff on imported cars by a terminal operator, Ports & Terminal Multipurpose Limited, has led to about 70 per cent drop in the sale of second-hand imported cars.
The PUNCH reported last week that the Central Bank of Nigeria and the Nigeria Customs Service had taken the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating the import duty.
The NCS had a few weeks ago raised the exchange rate used for the calculation of import duty from N422.30/dollar to N589/dollar.
The development, which has led to a corresponding 40 per cent increase in import duties on imported cargoes, including vehicles, has caused anxiety among operators in the maritime sector with clearing agents, freight forwarders and importers calling for an immediate reversal of the policy.
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