New forex policy: Import duty increases

Custom duties on imported cargoes has skyrocketed to 43 percent following the implementation of the Central Bank of Nigeria’s new foreign exchange policy, the Punch reports.

Before the the introduction of the foreign exchange policy, import duties were calculated on N197 to one dollar.

This was contained in a circular released to all zonal coordinators and Customs Area Controllers. The circular, which was signed by the Deputy Comptroller-General, Tariff and Trade, Nigeria Customs Service, A. Adewuyi, instructed that the provisions of the Customs and Excise Management Act on the evaluation of duty for cargoes should be followed.

The circular reads, “In consonance with the provisions of CEMA on the evaluation and clearing of imported goods into the country, Mr. President has approved the use of the exchange rate at the time of making entry as provided in CEMA, Customs and Excise Notice No.13 on the value of imported goods.”

“Where the value of an imported good is shown in foreign currency, such value is to be converted to the equivalent Nigerian currency as at the rate at the time of making entry. The current rates of exchange are published at the Customs House.”

Confirming the development, the spokesperson to the Tin-Can Island Customs Command, Chris Osunkwo, said, “We observed last Friday that the current exchange rate of the naira to the dollar had been adjusted on our system. This development has nothing to do with the Customs because we are acting in accordance with our law.

“That import duties had for months been evaluated based on the N197 to a dollar rate doesn’t mean it is fixed. Since the value of the naira will now be determined by market forces, it means adjustments will be made regularly, depending on the current value of the naira.”


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