Nigerian Importers Financial Pressure Increases, As CBN Raise Customs Duty Again
Afnews Editor
Feb 21, 2024
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.
READ ALSO: I Will Not Allow Criminality As President, Peter Obi Declares
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.
READ ALSO: Biafra: IPOB Reveals Those Responsible For Imo Killings
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.
https://youtu.be/QHUh8jydQGc
READ ALSO: Sowore's Miscalculation and the Need to beat a Wise Retreat
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.
READ ALSO: How Suspended UNICAL Dean 'Cyril Ndifon' Demanded Virginity For Admission - Witness
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.
READ ALSO: Why El-Rufai Was Returned To ICPC Custody?
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.
READ ALSO: B00M: CSO Blows Hot Over N500M Pledge | READ DETAILS
Recall that the CBN has increased the customs duty exchange rate more than five times in one month this year.
READ ALSO: B-00M: List Of 2022 Grammy Awards Winners |READ DETAILS
https://youtu.be/NW0UOGd4IZo
Related Stories
REVEALED: How All Progressives Congress (APC) Played Into The Opposition Hands Ahead Of 2027 - Sumner Sambo Warns
I Will Not Allow Criminality As President, Peter Obi Declares
Why El-Rufai Was Returned To ICPC Custody?
Sowore's Miscalculation and the Need to beat a Wise Retreat
Tinubu Breaks Silence on Hardship, Inflation, Power Crisis - Vows Nigeria Will Overcome Economic Storm
"Terrorists Have Outgunned Our Troops" - Ndume Raises Alarm Over Boko Haram War, Sends Urgent Message To Tinubu
""
— Afnews Editor