News
Imports: How Customs Duties Exchange Rate Hikes Influence Higher Market Prices
By Emmanuel Agaji
Many Nigerians are currently languishing in extreme poverty and this has in turn led to reactions from all parts of the country.
Perhaps, the problem started with the withdrawal of petroleum subsidy.
The subsidy withdrawal as being feared over the years has come with pains of more transport costs which in turn led to rise in prices of goods in the market. But that was not all. The fall of Naira in value to other foreign currencies has been devastating for months now.
The fall has been with speed. Early last year, the rate of Naira to Dollar was about N700/$1. Expectations were therefore that the new government would work out a way in which the exchange rate would come down. But instead of coming down, the dollar rate has kept rising to what it is now – over N1,900/$1. Observers hold the view that the Dollar can be said to have arrived at the doorstep of N2,000/$1 and will soon begin a fresh journey to N3,000/$1. The result is that importers and manufacturers have in turn continued to increase prices of their products on the basis of dollar exchange rate to Naira.
Perhaps what has been a sad event is the rate at which there is fluctuation in the rate of dollar to Naira.
The Naira keeps falling in value everyday to the dollar and other currencies, including those of the neighbouring West African countries.
The current situation is that many citizens of other African countries who have been doing business in Nigeria are now returning to their home countries because of the fact that the Naira has fallen far below their own currencies. In other words, their currencies have become far stronger than Naira.
Critics believe the devaluation of Naira against the Dollar and other currencies will continue to affect the economic life of the people negatively.
The rise in prices of goods in the market has left many dumbfounded. To worsen the matter is the Customs duties exchange rate introduced by the Central Bank of Nigeria.
This is the rate the Nigeria Customs Service uses in calculating duties on imports. First, it was about N1,357.50 before it rose to N1,413.62. It later went up to N1,617.00 with information later that it went down to about N1,500.00.
The rates have been introduced for more than 10 times in a month. While it is believed that with this scenario the Customs will make more revenue this year, triple what it made last year, yet such gains will have no positive impact on Nigerians.
This is because prices of goods have continued to go up. Traders have become confused because every minute importers and manufacturers come up with new prices in relation to the prevailing exchange rate. To observers, this is destroying businesses.
The policy has made international trade a big task because of the continued rising of the dollar rate against the poor value of the Naira. With almost everything being imported, including farmers relying on fertilizers and other foreign inputs, prices of food and other commodities have become so high for the low income group.
This explains the reason for the protest in many parts of the country. Everyone appears sad. This includes the importers, manufacturers who also import raw materials for production.
Dealers on different goods, wholesalers and retailers are all worried. The reason is that the goods are changing in prices every 30minutes as traders monitor the dollar rates. The final consumers are bitter as they find it difficult to pay for most of the goods they would want to buy. This has made market very dull.
Even traders in the market are no longer buying to stock-up as they are afraid these goods are too expensive and final consumers are not ready to buy. Keeping them in the store for too long means taking risk of damages and therefore losses of investment.
As experts suggest, what government should do is for the CBN to discuss with the management of the Customs Service and arrive at one exchange rate under which duties can be calculated. Although it was gathered that the CBN has agreed that the rate of duties to be paid by importers will be based on the prevailing exchange rate when the Form M was opened, importers still argue that this policy will continue to affect businesses and prices of goods in the market.
According to experts, this will not bring prices of goods down as importers will claim they sourced the foreign exchange at high rate of dollar exchange rate. An importer said if the government wants prices of goods to be affordable, CBN should rather peg the rate used in calculating duties at about N1,200 for it to be uniform for all.
Other possibilities for prices of goods to come down is for the government to consider ensuring that fuel prices go down by using the gains of the subsidy removal to encourage private refineries to come on board as quickly as possible.
These refineries should be expected to reduce their fuel prices since they source crude oil to be refined locally. Government should also not make the mistake of relying on big time monopolists who are likely to look for ways to suffocate other small companies.
This was what happened in the case of cement manufacturing over the years which prices have now gone out of the reach of the low income earners. Government should be fast in acting outside the box to arrest the issue of continued rise in the prices of goods.
The prices of food and other goods in the market should be affordable and the solution is in addressing the continued fall of Naira value to the Dollar and other currencies.
Fresh details have emerged following the rescue of passengers abducted from a Benue Links bus, with at least eight of the victims now confirmed to be candidates of the Joint Admissions and Matriculation Board (JAMB).
The victims were reportedly on their way to Otukpo to sit for the ongoing Unified Tertiary Matriculation Examination (UTME) when they were kidnapped by gunmen last Wednesday night.
The attack occurred on April 15, 2026, when armed assailants intercepted a state-owned Benue Links vehicle transporting passengers along a major route in the state. Several travellers, including young students, were forcefully taken into captivity during the incident.
After spending about three days in the hands of their abductors, the victims regained their freedom in the early hours of Sunday. Details surrounding their release remain unclear, including whether a ransom was paid.
Among those rescued were three female UTME candidates, highlighting the vulnerability of students traveling for national examinations in parts of the country facing security challenges.
The victims were subsequently taken to the Benue State Government House in Makurdi by the Commissioner of Police, Ifeanyi Emenari. They were accompanied by their parents and guardians for an official reception.
At the Government House, Governor Hyacinth Alia received the rescued passengers as part of efforts to reassure the public and demonstrate the state government’s response to the incident.
Observers noted that the victims appeared visibly weak and shaken after their ordeal, as officials commenced documentation and briefing processes ahead of formal engagement with the state authorities.
The revelation that some of the abducted passengers were UTME candidates contradicts earlier statements from authorities, which suggested that none of those kidnapped were examination-bound students.
This development has raised questions about the accuracy of initial reports and the broader security situation affecting candidates traveling for critical national exams.
The incident has once again drawn attention to the risks faced by Nigerians, particularly students, who must travel across states to participate in examinations like the UTME.
Security experts have repeatedly called for improved protection along major highways and special arrangements to ensure the safety of candidates during nationwide examinations.
Ex- Kano State Governor, Ibrahim Shekarau, has defected from the opposition Peoples Democratic Party and rejoined the ruling All Progressives Congress (APC).
Shekarau announced his defection on Sunday at his residence on Mundubawa Avenue in Kano, which was decorated with APC posters.
As reported by Daily Trust, he left the party alongside Senator Bello Hayatu Gwarzo, a chieftain of the PDP.
Addressing party loyalists, Shekarau said the decision followed wide consultations and careful consideration of available political options.
“We have weighed all the options and arrived at this collective resolution. Do you all agree?” he asked, urging anyone opposed to the move to speak up.
The move comes hours after he submitted his resignation letter from the PDP.
In the letter dated April 19, 2026, and addressed to the PDP Chairman of Giginyu Ward in Nassarawa Local Government Area of Kano State, Shekarau said his exit took immediate effect.
“Accept this letter please as notice of my resignation from my position as member of the Peoples Democratic Party (PDP) with effect from today,” he wrote.
He expressed appreciation to party leadership at the ward level.
“I thank you for being a good leader, and pray that Allah will continue to guide you in your stewardship,” he added.
The letter was also copied to the Kano State PDP Chairman and the PDP Chairman of Nassarawa Local Government Area, indicating formal notification across party structures.
Shekarau’s move follows months of speculation fuelled by the PDP’s internal crisis.
In April, during a visit by APC National Chairman, Professor Nentawe Yilwatda, Shekarau hinted at his impending exit from the PDP, describing the opposition party as afflicted by problems that had rendered it ineffective.
He also held closed-door meetings with President Bola Ahmed Tinubu and Kano State Governor, Abba Yusuf.
Shekarau, who governed Kano State from 2003 to 2011 under the All Nigeria Peoples Party, has a history of party switches.
He was a founding member of the APC but later defected.
He left the PDP in 2018 and returned to the APC before he later crossed carpet.
Punch
By Gloria Ikibah
A member of the House of Representatives, Rep. Leke Abejide, has cautioned Nigerians against allowing economic strain to fracture their marriages, urging couples to remain grounded in shared values despite mounting pressures.
Speaking in Abuja during a thanksgiving service marking his wife’s 50th birthday alongside their 20th wedding anniversary, the Kogi lawmaker stressed that difficult times should not erode family stability.
He emphasised that enduring relationships are sustained through love, patience and mutual respect, noting that strong homes are built on understanding and a shared commitment to faith.
Abejide underscored the importance of staying united through hardship, warning that financial challenges, though real, should not outweigh the deeper foundations that hold families together.
“You sustain marriage with love as it is written in the book of Ephesians Chapter 5 — husbands should love their wives and wives should submit to their husbands. This principle has been working for us,” he said.
Abejide observed that despite widespread complaints about economic challenges, many Nigerians continue to make significant investments.
He said: “My message to Nigerians is: don’t allow hunger and hardship to take away your marriage. Let God be your foundation. When you have God, things will fall into place.
“You see people building houses, they say there is no money. You see estates springing up, people buying vehicles and travelling abroad. So we must not allow temporary hardship to destroy our homes,” he said.
In her remark, Deaconess Esther Abejide credited the strength of her two-decade marriage to a foundation built on patience, mutual understanding and genuine affection.
Reflecting on the journey, she highlighted the central role of faith and sacrifice in sustaining a lasting union.
“The secret is love and understanding. Couples must understand each other, know what their partner likes and dislikes. With that, the marriage will last.
“With God in the marriage, through prayer and even fasting, it will stand,” she said.
Speaking on balancing life as the spouse of a public office holder with her religious commitments, she described the experience as smooth and fulfilling, noting that her natural disposition has made the transition easier.
“It is easy for me because I love people and I am always happy to be around them, so it has not been difficult to cope,” she said.
Also at the event, Senator Sunday Karimi shared a hopeful outlook on the country’s economic trajectory, urging Nigerians to remain patient as reforms under President Bola Tinubu continue to unfold.
“There is hope. There is a renewed hope. Let me tell you what is happening, we are graduating from an economy that has no direction. When the country starts printing money, it’s a fake country. That was what was happening.
“But Tinubu came and said no. Let’s run a perfect economy. It’s not been easy. But I can promise you, we are moving to the promised land. Our economy is getting better. Don’t mind the borrowing they are talking about. Check the US and their debt. It’s in trillions of dollars but the economy is running well.
“Look at Lagos. Lagos is a shining example of a state that we ought to look up to in Nigeria. That is what Tinubu is doing for us. We need to be patient. Nigeria is getting better. By God’s grace, he is coming back to continue the work he is doing”, he said.
Karimi dismissed opposition coalition efforts, describing the actors as “the same old politicians” with nothing new to offer the country.
The celebration drew a mix of political allies, relatives and close friends, all turning out to mark the couple’s milestone. The occasion was further highlighted by the presentation of an 18-seater bus to the church as part of the festivities.
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