Home News CBN Approves 43% Increase in Import Duty Rate, Sparking Concerns
News

CBN Approves 43% Increase in Import Duty Rate, Sparking Concerns

556

The Central Bank of Nigeria (CBN) has approved a significant 43% increase in the import duty rate, taking the exchange rate for duty collection from N951.842 per $1 (December 2024) to N1356.42. This unexpected move has stirred concerns among importers and trading stakeholders.

Dr. Muda Yusuf, CEO of the Center for the Promotion of Private Enterprises, expressed shock, emphasizing the potential worsening of the already challenging economic situation. He warned of the broad repercussions, impacting trade volume, transportation costs, shipment expenses, and clearing costs.

Yusuf cautioned that this increase could decelerate activities in the maritime sector and urged consideration of the implications by CBN authorities. Former Executive Secretary of the Nigerian Shippers Council, Mr. Hassan Bello, echoed concerns about the Naira’s depreciation, advocating for a shift towards more exports to counter the impact on various sectors.

About The Author

Related Articles

President Bola Tinubu is set to leave Abuja on Monday for a brief working visit to France, according to a statement issued by Ajuri Ngelale, the presidential spokesperson.
NewsPolitics

President Tinubu and VP Shettima Leave Official Duties, Depart for France and Senegal

President Bola Tinubu and Vice President Kashim Shettima have departed Nigeria on...

News

DR Congo: M23 Rebels Withdraw from Walikale Ahead of Peace Talks  

M23 rebels have withdrawn from Walikale, an important town in the eastern...

National Grid collapses
News

Despite Grid Collapses in the Last 2 Years, Minister of Power, Adelabu Claims 2,000MW Increase in Generation

Despite recurring national grid collapses in the past two years, the Minister...

News

Russia Backs Joint CSS Military Force, Foreign Minister Hails “Africa’s Second Awakening”

Russia has pledged to assist in forming a joint CSS military force,...