You see, critics claim that the leaders running the affairs of Nigeria are a very funny set of people.

They are of the opinion that these leaders wait for things to get absolutely bad before thinking of how to make it better.

So, as the economy is struggling under heavy inflationary pressure, the Central Bank of Nigeria is slashing Customs duties by 7.3%

Nigeria's FX Inflow Rose To $10.7bn In Two Months —CBN. redenominate the naira. CBN on Access To Formal Financial
The Central Bank Of Nigeria. 

There’s nothing more pleasant to importers at the moment than the news of duty rate reduction.

In a bid to strengthen the exchange rate of the naira, the Central Bank of Nigeria on Friday reviewed the Customs duties downward.

Have You Read: Customs Generate ₦‎10.39bn From Seized Contraband Goods

According to information on the official trade portal of the Nigeria Customs Service, the Customs duty rate was reviewed downward by 7.3%.

The slash brought down the duty rate from ₦‎1, 605.82/$ to ₦‎1, 488.896/$ on Friday, February 23, 2024.

This is a ₦‎116.924 which represents a 7.3% reduction when compared to the old rate of ₦‎1, 605.82/$ used as of Thursday, February 22, 2024.

This is the second time in 2024 that the Customs exchange rate is being adjusted on the downward trend.


ANLCA Reacts To Customs Duty Rate Reduction 

Giving his opinion on the Reacting to the news, the national president of the Association of Nigerian Licensed Customs Agents (ANLCA), is happy about the reduction.

Nwokeoji, called on the apex bank to set the exchange rate for paying Customs duties for six months.

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He said the fluctuation does not allow for businesses to plan and that it was more frustrating for companies with bank financing.

Also, industry expert, Taiwo Mustapha, highlighted that the port industry cannot afford the exchange rate to be floating, especially when it had to do with Customs duty payment.

“If we continue like that, most of us will go out of business. Our staff are sitting idle at the offices and we are paying salaries because there is no job to be done.

Take a look at the auto dealers on some of the streets, the number of vehicles on their stand has reduced dramatically,” he said.


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