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For the umpteen time and the second time in four weeks, the Central Bank of Nigeria(CBN) has raised the Customs duty exchange rate to N951.941 per dollar.
The rate was jerked up a month ago from N770.88 per dollar to N783.174 per dollar.
The latest duty exchange rate has since been reflected on the Customs portal.
Since the decision of the Bola Ahmed Tinubu government to float the naira, the local currency has experienced a free fall in the foreign exchange market while customs duty exchange rates have similarly suffered multiple increases within a short space of time.
The leadership of the Association of Nigerian Licensed Customs Agents (ANLCA) has advised the customs brokers to be guided in their transactions and accordingly advise their importers over the new increase.
Industry sources lamented that the frequent changes in the customs duty exchange rates have made the import and export trade volatile, unpredictable and unstable.
Freight Forwarders have therefore warned Nigerians to brace up for a bleak Christmas as the costs of goods in the market will increase further.
“With the latest hike in the customs duty exchange rate, costs of goods clearance at the ports will automatically go up and this will be reflected in the prices of goods in the markets as the additional costs will be passed on to the final consumers,” one of the foremost customs brokers said.
“The new rate will further compound the already tensed situation in the country as people will further grapple with heightened inflation due to astronomical increase in prices of goods in the market” another concerned stakeholder lamented.
