This represents a 14 percent increase in rate compared to the old rate of N1,164.84/$ previously used for the opening Form M and an increase of N162.51 on a dollar needed to clear goods at the port.

This means that importers opening Form M today will require more money to pay import duties than those who opened Form M at the weekend.

BusinessDay reports that last week, the naira had its worst run since the devaluation in January, falling 7.8 percent to N1,339.23 on Friday from N1,234.49 at the beginning of the week, according to data by FMDQ Securities Exchange.


The naira appreciated to N1,280/$ Saturday, an 8.57 percent gain compared to N1,400/$ Friday, according to multiple traders who spoke with BusinessDay.

In his reaction, Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, told BusinessDay that Nigeria needs to deemphasise revenue generation because too much emphasis on revenue causes growth, job creation, and development to suffer.

He said fiscal authorities need to stabilise rates to give policy support to critical sectors of the economy and also give breathing space to investors without burdening them with too much taxation.

Eugene Nweke, a freight forwarder, called for a fixed exchange rate regime for cargo clearing at the port to give relief to businesses, support trading activities, and stabilise the market value of products.

According to him, the port’s high import and clearing cost is exacerbating Nigeria’s inflation rate.

seyits:
Anything that will boost the economy

seyits:
Anything that will boost the economy

Cindypresh:


And that will boost your economy??

seyits:
Hope this will not further increase the inflation. Because the importers re always shopping for reason for price increment

Brendaniel:




Tinubu supporters don't know who they are dealing with...

Cindypresh:


High custom rate means higher inflation and prices of imported goods.

But I don't expect someone in his late fortys that sits at home and defend useless Apc government for 30k monthly stipend to know.

Next they'll turn around and blame ordinary citizens for high inflation

Cindypresh:


High custom rate means higher inflation and prices of imported goods.

But I don't expect someone in his late fortys that sits at home and defend useless Apc government for 30k monthly stipend to know.

Next they'll turn around and blame ordinary citizens for high inflation

Omooba77:


https://businessday.ng/news/article/cbn-raises-customs-fx-duty-rate-for-cargo-clearance-by-14/

Brendaniel:


I just see Tinubu supporters as wicked human beings...

leokid866:
yen...yen...yen....when the rate was coming down from 1600 to 1260 we did not see you utter a word now it is going back to 1300+ now you're shouting I beg sit down......

Cindypresh:


Next they'll say Nigerians are doing themselves.

After buying goods worth #20m and clearing at custom at #2m, guess who bears the blunt??

Do we need high custom duty at this point in time Use your senses

Cindypresh:


And that will boost your economy?? Buhari that closed border for 8wasted years how did it impact food crops??

I don't know how most Apc supporters seem so so d^ll

Omooba77:


https://businessday.ng/news/article/cbn-raises-customs-fx-duty-rate-for-cargo-clearance-by-14/

Omooba77:


https://businessday.ng/news/article/cbn-raises-customs-fx-duty-rate-for-cargo-clearance-by-14/

Blaze14k:


They don't want an igbo person to rule