The Central Bank of Nigeria, CBN, has given the nod for a 43 percent hike in the import duty rate. The usual exchange rate for duty collection, determined by the CBN, saw an increase from N951.842 per $1 in December 2024 to N1356.42.
Chief Executive Officer of the Center for the Promotion of Private Enterprises, Dr. Muda Yusuf, expressed astonishment, fearing that this escalation would exacerbate the already challenging economic conditions. Yusuf questioned whether the Governor of the CBN had received advice on the implications of these actions.
He said, “I am shocked at the development, I mean with all these suffering, with all these costs, we have not recovered from the unification of the exchange rate they just did, now another increase in duty.
“This increase will definitely affect every area of our economic life, already; we recorded a drop in the volume of import last year, so you imagine what will happen with this increment.
“The sharp depreciation and the increment of import duty will no doubt affect the volume of trade because the cost of import is going to increase significantly and this will affect practically all the key components of cost.
“That is the cost of transportation, the cost of shipment, the cost of clearing and this will slow down the velocity and the tempo of activities in the maritime sector. And that tempo has already reduced anyway and it further reduces.”
He cautioned against increasing the exchange rate used for calculating import duty, emphasizing that such a move would have severe consequences for both the economy and the citizens.
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