CBN Increases Customs Duties Exchange Rate for the Third Time in 2024 Under President Tinubu

The Central Bank of Nigeria (CBN), led by President Bola Ahmed Tinubu, has implemented its third increase in Customs duties exchange rates in 2024. According to reports, the import duties have now been revised upwards to N1,417.635 per US dollar from N1,413.62.

This adjustment marks an increase of N4.015 and a percentage rise of 0.28%. The official exchange rate was recorded at N1,469.97 per US Dollar in the foreign market on Friday.

The current revision is the third within one week and the seventh since the commencement of President Tinubu’s administration and the implementation of the floating naira policy aimed at stabilizing the forex market.

It is crucial to note that experts have expressed concerns over the implications of these continuous hikes in import duties. The former chairman of the Association of Nigeria Licensed Customs Agents at Seme Border, Bisiriyu Fanu, warned that the rise in Customs duty, coupled with high FX rates, is likely to impact the prices of imported goods and services in the country. Fanu emphasized that this increase will affect all commodities in the market as they inherently contain imported inputs.

Earlier, Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise, expressed his concern, stating that the heightened import duty would contribute to further impoverishment among Nigerians.