₦airaland Forum

•Customs raise exchange rate from N422/$ to N589/$, operators kick as import duties jump

•Economists berate FG, say policy will cause job loss, impoverish Nigerians, worsen hardships

The Central Bank of Nigeria and the Nigeria Customs Service have taken the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating import duty.

The NCS on Saturday raised the exchange rate used for the calculation of import duty from N422.30/dollar to N589/dollar.

The development, which has led to a corresponding 40 per cent increase in import duty on imported cargoes including vehicles, has angered operators in the maritime sector with clearing agents, freight forwarders, and importers calling for an immediate reversal of the policy.

Stakeholders said the policy would lead to job losses in the maritime sector and a drastic fall in the number of imported vehicles.

This, they said, could affect business and economic growth. Economists also said the government was insensitive, saying the policy was capable of affecting Nigerians negatively

https://punchng.com/naira-devaluation-pushes-up-vehicles-duties-by-40/

God bless PDAPC

Bola the coke obloblo is just starting gear 1

Nawao….things are really getting out of hand o. Bad policies are not good.

This Customs raise of exchange rate from N422/$ to N589/$ will favour me and my family

Tinubu is a financial expert, he studied accounting in Chicago state university.

This is fake news...Tinubu is already fixing the economy.

Samakus:
This Customs raise of exchange rate from N422/$ to N589/$ will favour me and my family

...Amen ooo. I have Emilokan ATM card with limitless withdrawals in case you want.

They are ashamed to start complaining.

Sane people warned them.


White powder leader has scammed them



We are now officially the official object of mockery in Africa

They are ashamed to start complaining.
Sane people warned them.

White powder leader has scammed them

So many people just wish Tinubu failure not knowing that wishing him failure, doesn't mean he will fail.
Let's see what happens in weeks to come as we survive this new Government policies.
But one lesson learnt is that, Nigeria was a highly subsidized society now all subsidy is going we got to bear the heat.

Nigerians,I mean all the political zones are almost getting to their saturation level, just wondering how much more of the pains and suffering they can take.

Everything should have doubled in price by now since Tinubu is performing wonders!

I expect Corpers allowee to double too, though there appears to be no plan to increase it.

Mẹ? I'm very Obidient.

At least reduce import duty ... So that people can breath

Customs can't have a different exchange rate from the government 's own rate. All government agencies will adjust to the new official rate. They have no choice.

What those involved in car importation should lobby for is a reduction in the import duty.

Mr Buhari 's government increased it to 40% in order to encourage local production of cars, but 95% of car buyers in Nigeria can't afford a new locally produced car. So, the policy doesn't appear to be working.

Therefore, import duty should be reduced to 20% max until further notice.

this a serious matter...
there's almost no way a good policy wont immediately affect the masses cos past rulers have destroyed this country's means of survival.
Nigerians are in for it. it is well

come n buy my land in Abuja lemme japa abeg
1000sqm ushafa

It's only Obidients that would be paying the new rates, Agbadorians would enjoy 40% discount from the old amount in return. Sai Tinubu.

Nigerians have no clue what is coming, It will be almost impossible to survive for some.

For an import driven economy like Nigeria, this is a dead end and if Nigerians are lucky, there might be an uprising that the FG might be unable to manage. Otherwise... many will die and the deaths will be in large numbers.

renewed shege

Wow

Tinubu is working ... Really
We would praise Buhari when the time comes, Do not worry

XD

All these changes that has been made by this tilibu government, which one has brought succour to the masses

There is increase in almost everything but the govt is giving nothing back to the masses

Or is it only those who are in APC that are secretly enjoying the changes

The bigger question is if the customs is transacting in dollars or naira? This is a very important question we should be asking, if the government itself can start dollarizing the economy. Last I checked, we spend naira in Nigeria, not dollars.

BuLaba

According to agbadorians this is for the benefit of nigeria. The only reason am happy is they are suffering the hardship as well.

LET THE POOR BREATH

y

Renewed hope

This increase will favour me and family

Tinubu has hit (smashed) the ground running

On your mandate we shall stand

o

p

More hardship, more wahala for both the buyer and seller of cars and ultimately more hardship for the already impoverished masses.

Gazelle gragra