Imported Cargoes Rises to 43% by Customs Duties

Prior to the adjustment of the exchange rate, the duties on imported items had earlier been calculated on 197 naira to a dollar rate despite the high rate in the black market. However, a circular issued to all zonal coordinators and customs area controllers, directed that the relevant provisions in the customs and excise management act on the evaluation of duty for cargoes should be complied with


Following the commencement of the implementation of the new foreign exchange policy, which moves the naira to dollar exchange rate from 197 to a minimum of 280, customs duties on imported cargoes have risen by about 43%.

SOURCE: LoveWorld Plus News