Imported products to cost more as Customs raise exchange rate

Imported products to cost more as Customs raise exchange rate

Imported goods including vehicles are expected to rise further as the Nigeria Customs Service has jerked up its foreign exchange rate for clearing of goods at the seaports.

This is said to in line with the latest directive of the Central Bank of Nigeria to the NCS.

Indeed, the exchange rate rose from N770.88 to N783.174 per dollar (N12.29 to every dollar) for the purpose of clearing goods from the ports.

This is obtained on the Customs’ official website, indicating the cost of imported goods in the market would rise.
The Comptroller-General of the NCS, Bashir Adewale Adeniyi, recently said the floating exchange rate was the major cause of the surge, adding that nothing had changed in Customs duty.
The rate was earlier adjusted from N422.30/$1 to N589/$1 and shortly after it rose up to N770.88/$1. It is now N783.174.
Clearing agents and freight forwarders expectedly affected by this adjustment will no doubt pass on this to buyers of imported products.