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New forex policy raises import duty by 43% – Punch

HomeNewsNew forex policy raises import duty by 43% – Punch
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New forex policy raises import duty by 43% – Punch
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Comfort Oseghale

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 per cent.

Prior to the adjustment of the exchange rate, the duties on imported items had earlier been calculated on N197 to a dollar rate despite the high rate in the black market.

However, a circular that was recently 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.

The circular, signed by the Deputy Comptroller-General, Tariff and Trade, Nigeria Customs Service, A. Adewuyi, read, “In consonance with the provisions of CEMA on the evaluation and clearing of imported goods into the country, Mr. President has approved the use of the exchange rate at the time of making entry as provided in CEMA, Customs and Excise Notice No.13 on the value of imported goods.

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