The Central Bank of Nigeria, CBN, has given approval for a 43 percent increase in the import duty rate, altering the exchange rate for duty collection from N951.842 per $1 in December 2024 to N1356.42. Read full article
The Chief Executive Officer of the Center for the Promotion of Private Enterprises, Dr. Muda Yusuf, expressed concern, stating that this rise would exacerbate the existing economic challenges.
He emphasized the potential negative impact on various sectors, citing increased import costs affecting transportation, shipment, and clearing, thereby slowing down activities in the maritime sector.
Yusuf cautioned against further upward adjustments in the exchange rate for import duty computation, foreseeing devastating consequences for both the economy and citizens.
Former Executive Secretary of the Nigerian Shippers Council, Mr. Hassan Bello, echoed similar sentiments, highlighting the broad impact of the depreciating Naira against the Dollar and emphasizing the need for increased exports over imports.