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CBN Raises Import Duty Rate To N1,618.73/USD Despite Naira Rapid Downfall
By Kayode Sanni-Arewa
The Central Bank of Nigeria has reviewed the cargo clearance exchange rate at both the nation’s seaports and airports to ₦1,618.73 per USD from ₦1,600.32, the highest since March 2024.
It was coming in tandem with a 6.43 per cent depreciation of the naira in July, hence it has made the adjustment most worrying, especially to importers, considering its impact on raising import costs and fueling inflation.
Recall CBN’s efforts to stabilize the naira through many sales of foreign exchange continued to show some challenges in the market. The exchange rate appreciated by ₦18 to close at ₦1,618.73 as against ₦1,600.32 recorded in the previous session. Reacting to the growing pressure on the naira, the CBN sold FX to authorized dealers and BDC operators in several intervention exercises in July. However, clearing agents say the cost of clearing containers at the ports has increased to an unbearable level due to the hike in the exchange rate, a development, according to Oladimeji Majekodunmi, that has almost eclipsed the gains of the flexible exchange rate window introduced by the CBN.
He said, “The moment CBN increases, Customs don’t have a choice than to adjust the new duty in their system. Now to clear a 40ft container of food items, it costs nothing less than ₦20 million and above. This was far below the amount we used to clear the same consignment before.” He said cargo throughput into the country has drastically dropped to about 30%, leaving the ports empty and dry.
He wanted the federal government to have a special exchange rate for the calculation of import duties, according to the National President of the National Council of Managing Directors of Licensed Customs Agents, Lucky Amiwero.
He said it would foster economic development and positively affect the larger Nigerian populace with a consistent, very manageable exchange rate for import duties. Amiwero felt a serious misgiving over the existing dependence on floating exchange rates for the purposes of calculating customs duty. He said that is one of the major factors jacking up prices of all goods, and not just foodstuffs, selling in all markets in Nigeria. “We want to draw the attention of the Federal Government to the harrowing experiences of Nigerians, more so with the astronomical rise in the prices of items due to the floating exchange rate, which was foisted on import duty computations, many of them. This is making importation come to a near standstill, stifling transportation and throwing such staples as grains and tubers into an abominable scarcity, particularly for those who are penniless and can’t buffer their existence from financial shock.”
Amiwero canvassed programmes that would eliminate the vagaries and ambiguities associated with the current exchange rate regime. He called for a stricter framework that would help to align the domestic
The MPC of the CBN meets on February 26, where most of these issues are expected to be resolved.
Enugu State Government has hailed the Government of the Republic of Finland for the arrest of the Finland-based leader of the criminal gang, Autopilots, Simon Ekpa, describing him as a common criminal, con man, and terrorist, who has no interest of Igbo people at heart.
The government also described Ekpa as a murderer and fraudster, who delights in killing his people and living large off their misery, saying that Enugu State was ready and willing to provide evidence of Ekpa-sponsored atrocities against Ndigbo to aid his trial and conviction, whether in Finland or Nigeria.
This was contained in a statement issued by the Secretary to the State Government, Prof. Chidiebere Onyia, on Friday.
“The Enugu State Government welcomes the arrest of the Finland-based terrorist, Simon Ekpa.
“His arrest and trial will no doubt go a long way in strengthening peace, security, and stability in all parts of the South East.
“This arrest is in line with the demand of Governor Peter Mbah Administration, which has repeatedly made it known that Ekpa is a megalomaniac, common criminal, murderer, and fraudster, who takes joy in feeding fat on the manipulated emotions of Ndigbo and inflicting misery on the South East region.
See also Bauchi: Head teacher bags 11 years jail term for sexually assaulting 6-year-old pupil
“Ekpa has for long, and unfortunately from Finland, made a living by creating a siege climate and mentality in the South East, destroying lives, property, and the Igbo trademark of entrepreneurship and hard work. He thrives on manipulating, exploiting, and extorting the people on the pretext of fighting for their interest and for the restoration of Biafra,” the government said.
News
“Men Need To Submit Too”, says Pastor Olumide, Quotes Bible Passage To Back His Statement (Video)
A pastor has stated that submission in a marriage is not a requirement for women alone.
Pastor Olumide Emmanuel explained that a Christian marriage is not based on “culture” but on the teachings of the kingdom and as a result, men should respect their wives’ opinions and superior judgment and submit when appropriate.
He said: “Men, I will tell you for free, respect a woman’s sensitivity if you want to do well in life.
“Ask any married man that will be honest with you, there are things that if we did not listen to our wife we’d be in trouble by now. And there are times that we didn’t listen, we enter trouble.
“So if you’re a young person now, don’t let Africa kill you. ‘I’m a man of this house, I’m a man of this house, you can’t tell me what to do’. Forget that nonsense.
“Marriage is not an African culture, it’s a kingdom culture and in the kingdom the bible says, submitting yourself one to another. Mutual submission is a kingdom agenda for the marriage.
“So there are times you need to submit to your wife. Submit to your woman.”
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The black market dollar to Naira exchange rate on Friday 22 November 2024 can be accessed below.
NewsOnline Nigeria has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
According to Bureau De Change (BDC) sources, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players bought a dollar for N1710 and sold it for N1750 on Friday, November 22, 2024.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1730
Selling Rate N1740
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1745
Selling Rate N1750
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
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