New CBN forex policy raises cost of importation, exportation in Nigeria

Import tariffs and export excise duties have gone up after the Nigeria Customs Service began implementation of a new foreign exchange policy introduced by the Central Bank of Nigeria (CBN) in the ports and trade borders.

Business a.m gathered that the CBN had introduced N326 as new exchange rate for customs transactions at the ports and other trade locations, up from N306 per dollar.

Clearing agents and freight forwarders said the Nigeria Customs Service had commenced implementation of the new exchange rate, raising fears of imminent increase in cost of goods that may worsen inflation.

Emmanuel Onyeme, public relations oficer of the Association of Nigeria Licensed Customs Agents (ANLCA) at Tin Can Island Port also confirmed that all transactions on cargoes that were cleared at the port as at yesterday were done at N326 per dollar.

“Apart from the fact that this will lead to a huge loss for clearing agents, as agents have already accepted jobs from their importers using calculations based on the old rate of N306 per dollar, the increase is not good for the economy because it will definitely cause Increase in cost of goods,” Onyeme said.

“So, the new rate will affect the cost of clearing, especially for those who have collected jobs at the rate of N306,” he noted.