The Nigerian Customs department announced today it will begin to use the rate of N285 to the dollar for the calculation of duty on all imports from Wednesday June 1, 2016.

It is a further evidence of the implicit adjustment of the value of the national currency, the Naira which had remained artificially at N199 for almost a year.

The Central Bank said after Tuesday’s meeting of the monetary policy committee that it will work out modalities for the operation of the parallel foreign exchange market in a move towards a more flexible exchange rate for the Naira.

While the market awaits the rules being put in place by the apex bank, many have been watching for signs that could help point them to the rate applicable in the interbank market.

The Customs announcement today is perhaps the clearest sign yet that the rate of exchange will be closer to N300 than the current official rate of N199 to the US dollar.

Already oil importers have been advised that the rate governing the calibration of the pump price of PMS will be N285 to the dollar for the time being.

source: http://businessdayonline.com/2016/05/customs-to-use-n285-for-duty-from-june-1/

The consumers are paying the marketers 300+=1$ for everything we buy its time for them to pay the government the right duty too.

Maybe the government appointed "BDCs" have made enough money from the official "round tripping", and government is now ready to focus on the reality. Heads or tails it's a government plagued with madness.

That's great, more revenue

9jii:
The consumers have paying the marketers 300+=1$ for everything we buy its time for them to pay the government the right duty too.

The added cost will still be passed down to the consumer.

Have we heard the last from these men

Technically the naira have been devalued

The naira has no value again! All hail the Dullard of Daura

Why will custom, a government agency use 285/$ where as the official government exchange rate is 197/$? Jockers and they want me to believe Buhari is fighting corruption.. Smh

Lalasticlala mynd44 OAM4J, please tell toolz and others they will be paying customs duty with the new exchange rate, on their return from Dubai.
I hope I got the toolz password right

A hike in custom duty will directly reflect on the goods imported. A nation heading towards moribund.

500 is no longer far fetched.

permsec:
A hike in custom duty will directly reflect on the goods imported. A nation heading towards moribund.

But a lot of people have been asking for devaluation?... This is just one of the effects.

The currency has been devalued already. No need beating around the bush.

Please dear search for cakesbyjommy on instagram and like my pix contestant no 6 and rebroadcast. Votes will soon come to an end

I don't appreciate the level of uncertainty in the foreign exchange market. The policy makers should just get on with it! There should be an official pronouncement of N285/$1. Why does the CBN keep quiet while the Customs 'unofficially' announces this?
This govt is hurting the economy more by the uncertainty it creates than the impact of its policies. If you've devalued just say so! Let the economy adjust and move on.

Price of cars to go up too. God save us from unintelligent leaders

haaaaaarrrrrddd times are coming

NaLaugh:


500 is no longer far fetched.

Thats is the fact

Beginning of doom.Thanks to Bet Nija that keeps miscreants busy predicting and building castles in th air if not, street crime for don high.

It's been a long time coming

We expect to see dollar hit N600 in a short while, I wonder what happened to the after glow of Chinese trade partnership signed by Mr president

AdeojoFolukeC:
Please dear search for cakesbyjommy on instagram and like my pix contestant no 6 and rebroadcast. Votes will soon come to an end

u still need vote wen ur country is sinking. I pity u though....

Xonology:
Why will custom, a government agency use 285/$ where as the official government exchange rate is 197/$? Jockers!!!/

That is what I still don't understand bro. If the government approved official rate is 197/$ why will GOVERNMENT AGENCY use 285/$? That is double standard pls.

First, they came with lies that PDP-led administrations for 16years destroyed this country. Now, in just a year they have surpassed the records on ground like David Moyes. In our own country, we are now living like the Israelites in the land of Egypt....... Smd

The most corrupt government in the history of Africa

I was thinking of the magic wand Gej would have thrown if he was still the president. Nigeria would have gone into abyss. Upon how much this government is trying to save this country by blocking all loopholes and irrelevant spending, things are still not taking shape. Gej and PDP really destroyed this country. This fact can only be seen by true democrats and not tyrants in our system

LazyWasterners:
The most corrupt government in the history of Africa

Wake up bro, if pmb is the most corrupt then what should we call Gej, most most most corrupt. U re still sleeping I think.

NavierStokes:


source: http://businessdayonline.com/2016/05/customs-to-use-n285-for-duty-from-june-1/

And yet some educated people will still argue that teh FG had not devalued the naira