Again, import duty FX rate raised by 2.5%

· Clearing agents meet govt agencies, plan protest

NIGERIANS received a shocking Valentine's Day gift yesterday as the Nigerian Customs Service (NCS) raised the import duty exchange rate to N1,481.482/$1, which is a 2.56 per cent increase from the existing benchmark.

This came about 48 hours after the duty exchange rate was adjusted to N1444.56/$1 from N1,417.635/$.

This is also the fifth time the rate would be adjusted within two weeks and the ninth time since President Bola Tinubu assumed office. According to the business community, the consistent increase in duty rate negates the federal government’s policy on ease of doing business in the country as well as the ‘Renewed Hope Agenda’.

They also lamented that with the upward review, Nigerians will pay more to clear their goods at the port, which will, in turn, worsen inflation and the cost of living crisis.

The Head of Customs and Trade Facilitation Committee of the Importers Association of Nigeria (IMAN), Ajanonwu Vincent, said the upward adjustment was meant to punish Nigerians for the benefit of the elite as well as weaken international and local trade.

He said the apex bank and the federal government are demonstrating their cluelessness in economic and social management.

Meanwhile, licensed customs agents are planning to embark on a peace protest over the frequent upward adjustment of the duties.

The National President of the Association of Nigerian Licensed Customs Agents, Emenike Nwokeoji, said the group had scheduled a meeting with the relevant government authorities between Monday and Tuesday next week.