Indications emerged that the Nigeria Customs Service (NCS) has increased the official exchange rate it uses to calculate import duties and levies from $422.30 to $589.
The exchange rate used by the Nigeria Customs Service for duty calculation originates from the Central Bank of Nigeria(CBN).
The new customs exchange rate effectively means that there would be an increase in prices of goods imported through the airports, seaports and land borders.
Analysts opined that it was due to the recent increment in dollar exchange rate to $780.
A Licensed Customs Agent, Remilekun Sikiru confirmed that the new rate has been effected on the Nigeria Customs Service portal.
According to Sikiru, the customs duty payable on vehicles have been increased astronomically.
NewsBeatng gathered that the total duty payable on a Toyota Camry was N901,000 before, but it has now increased to N1,270.000.
It was learnt that Duty payable on Venza was N1.632million before, but it is now increased to N2.278million
Investigation revealed that Toyota Corolla total duty payable was N786,000 before, but it has now increased to N1.097million.
Secretary of Association of Nigerian Licensed Customs Agents (ANLCA) at Tin Can Island Port, Barr Ovien Imonitie said as at last check on Saturday morning, the exchange rate has increased to $589.
Imonitie said that the New Federal Govt Approved Exchange Rate for Doing Business both Import & Export has increased, even as he advised all clearing agents to adjust their Custom Duty Payment on all imported goods.
