The Nigeria Customs Service (NCS) has increased import duty rates by 43%, a decision approved by the Central Bank of Nigeria (CBN).
The change, effective immediately, alters the exchange rate for duty collection from N951.842 per $1 as of December 2024 to N1356.42.
Despite initial concerns from stakeholders and traders, this move is anticipated to have positive implications for the nation’s economic landscape.
While the increase has drawn criticism from some quarters, including Dr. Muda Yusuf, CEO of the Center for the Promotion of Private Enterprises (CPPE), the Service indicates the adjustment in duty rates is a strategic measure by the management.
