Naira Devaluation Pushes Up Vehicles Duties By 40%

Customs raise exchange rate from N422/$ to N589/$, operators kick as import duties jump

•Economists berate FG, say policy will cause job loss, impoverish Nigerians, worsen hardships

The Central Bank of Nigeria and the Nigeria Customs Service have taken the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating import duty.

The NCS on Saturday raised the exchange rate used for the calculation of import duty from N422.30/dollar to N589/dollar.

The development, which has led to a corresponding 40 per cent increase in import duty on imported cargoes including vehicles, has angered operators in the maritime sector with clearing agents, freight forwarders, and importers calling for an immediate reversal of the policy.

Stakeholders said the policy would lead to job losses in the maritime sector and a drastic fall in the number of imported vehicles.

This, they said, could affect business and economic growth. Economists also said the government was insensitive, saying the policy was capable of affecting Nigerians negatively