Import duties soar over new forex rules – Guardian

Duties on shipping business at the ports have shot up astronomically in the wake of the new flexible foreign exchange rate policy of the Central Bank of Nigeria (CBN).

Already, the Federal Government has launched the implementation of the new policy, which customs and clearing agents lament has hiked duties by about 40 per cent.

The Nigeria Customs Service (NCS) had through a memo issued to all zonal co-ordinators and area controllers on July 1, 2016 directed that all commands should begin to charge duties based on the new foreign exchange regime.

The circular, signed by Deputy Comptroller-General, Tariff and Trade, A. Adewusi, said the calculation of customs duties based on the N197 to one US dollar exchange rate was no longer tenable.

Guardian News has more details.