BREAKING: CBN Under President Tinubu Hikes Customs Duties Three Times In 2024: A Closer Look - 247Updates
Connect with us

Breaking News

BREAKING: CBN Under President Tinubu Hikes Customs Duties Three Times in 2024: A Closer Look

Published

on

The Central Bank of Nigeria (CBN) under President Bola Ahmed Tinubu has increased the Customs duties exchange rate for the third time in 2024.…CONTINUE READING

As reported by Daily Post Nigeria, import duties have been reviewed upward to N1,417.63 per US dollar from N1,413.62. This move has sparked debates among experts and stakeholders in the Nigerian economy.

With the upward review, Nigerians will now have to pay more to clear their goods at the port, as import duties are benchmarked against the dollar.

This represents an increase of N4.015 and a percentage increase of 0.28 per cent, as the official exchange traded at N1,469.97 per US Dollar at the foreign market on Friday.

This is the third time in one week and the third time in 2024 that the current upward review of the exchange rate for calculating customs import duty has taken place.

Advertisement

This move is also the seventh time the apex bank has adjusted the exchange in eight months since President Tinubu’s administration commenced the floating naira policy, a reform aimed at stabilizing the forex market.

It is important to note that the Customs had previously adjusted the exchange rate on several occasions, including on June 24, 2023, when it was adjusted from N422.30/$ to N589/$, on July 6, 2023, when it was adjusted to N770.88/$, on November 14, 2023, when it was adjusted to N783.174/$, in December when it was adjusted to N951.941/$, on February 2 when it was moved to N1, 356.883/$, and on February 3, when it was raised to N1, 413.62/$.

Experts have warned that the continued hike in import duty portends a rise in the prices of imported goods and services in the country.

Former chairman of the Association of Nigeria Licensed Customs Agents at Seme Border, Bisiriyu Fanu, stated that the hike in Customs duty through high FX rates will affect all goods in the market because every commodity in the market has imported input in them.

Advertisement

Earlier, the Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, had also expressed concerns, stating that increased import duty would further impoverish Nigerians.

With the recent increase in Customs duties, it remains to be seen how the Nigerian economy will respond to this latest development.

Grab This Opportunity Now👇👇👇

   
   
   

CLICK TO WATCH VIDEO

20 Biggest Catches Of All Time

   
Continue Reading
Advertisement
Advertisement
Relationship4 mins ago

Mistakes Some Men Make In Bed That Can Harm Their Sèxual Health

Relationship8 mins ago

What You Should Know Before You Decide To Lose Your Virginity

Relationship9 mins ago

Things Every Girl Wants From A Man But Are Afraid To Say

Relationship13 mins ago

Signs That Indicate When a Woman Wants You to Approach Her

Relationship17 mins ago

Things that all men admire in women more than good looks and what they dislike the most

Relationship19 mins ago

If A Married Woman Show These 8 Signs, Then She’s In Love With Another Man

Politics21 mins ago

If A Married Woman Show These 8 Signs, Then She’s In Love With Another Man

Relationship28 mins ago

If a woman stops developing feeling for you, she will start acting these ways

Relationship31 mins ago

12 Things Women Value In Men More Than Money

Relationship31 mins ago

5 Things Women Only Do When They Have Feelings For You

Relationship33 mins ago

5 ways to satisfy your girlfriend

Relationship33 mins ago

Anytime His Wife Gets Infection, He Blames Me

Relationship34 mins ago

Ladies, Don’t Do These 10 Things If You Want Your Man To Respect You

Relationship35 mins ago

Things You Must Never Say To A Girl As A Man

Relationship38 mins ago

Here are reasons why most married couple cheat on each other Opinion

Relationship40 mins ago

She Is Madly In Love With You If You See These Signs

Relationship43 mins ago

This is why you keep attracting married men

Health4 hours ago

Side Effects Of Taking Too Much Garri

Health4 hours ago

Apparently If You Put Garlic In Your Ear Overnight This Happens

Health4 hours ago

Avoid Eating Pineapple If You Have Any Of These Health Conditions

Health4 hours ago

Is it a Myth Or Is It True? Here’s What You Need to Know About Eating Fats and Weight Gain

Health4 hours ago

Burning Pain in Your Back? What It Might Be and How To Get Relief

Health4 hours ago

How Will You Feel When Your BP Rises Beyond Normal?

Health4 hours ago

Here’s How Long Abortion Pills Last

Health5 hours ago

New Study Reveals The Kind Of People Who Are Most Likely To Die From Cancer – Are You Among Them?

Health5 hours ago

Dangers Of Having Multiple Sexual Partners You Should Never Ignore

Health5 hours ago

Health Issues That Can Lead To Erectile Dysfunction

Health5 hours ago

I Have Serious Waist And Neck Pains

Health5 hours ago

5 Chronic Kidney Disease: Africa’s Silent Killer

Health5 hours ago

If You Still Drink Water Before Going To Bed At Night Then This Message Is For You

Health5 hours ago

7 Amazing Health Benefits Of Olive Oil

Health5 hours ago

3 Early morning drinks that one should avoid on an empty stomach

Health5 hours ago

8 Signs That Show You Are Healthy

Health5 hours ago

Diabetes: Early symptoms you must be watchful about

Health5 hours ago

6 Important medical tests all women need and the right time for them

Politics6 hours ago

Ayo Fayose “The only thing I want to say to President Tinubu without fear is that, the President should stop praising Buhari”

Politics6 hours ago

Crisis Brews Between Kogi Governor Ododo, Predecssor Yahaya Bello Over Sacking Of Loyalist, 1200 Bags Of Rice

Politics6 hours ago

Yakasai responds as he was told that rice was sold for N30,000 in Buhari’s administration

Breaking News6 hours ago

Mixed Reactions As Abroad Based Lady Relocates Back Home Uses Her Salary For 2 Years To Builds House At Home (Update)

Breaking News6 hours ago

BREAKING: Former Nigerian Minister Is Dead

AFCON1 day ago

He will be a monster if He joins Chelsea,if I’m to be Guardiola I will make sure I highjack the deal as soon as possible to avoid competition’: Ian Wright blown away by 21-year-old who Chelsea reportedly want to sign

Health2 days ago

Stroke kills fast: reduce your consumption of these 4 things if you want to live long

Politics1 day ago

BREAKING: Top 12 Performing Ministers in Tinubu’s Administration

AFCON1 day ago

Enzo Fernandez review why he fights with 24-year-old Chelsea teammate after Liverpool cup defeat

AFCON1 day ago

He is a waste of money,I don’t know where Pochettino went to buy Him from,He killed our game last night’: Thiago Silva Blames ONE Chelsea for their disappointing loss yesterday

Breaking News7 hours ago

Daughter Came To Say Goodbye To Her Mother, She Notices Something Strange And Stops The Funeral

Breaking News1 day ago

BREAKING: Nigerian Army rescues 10 Peace Mass Transit passengers from kidnappers in Kogi

AFCON1 day ago

Super Eagles Coach Begins Search For Alternatives To Chukwueze, Makes Checks On Portimonense Winger

AFCON1 day ago

“New Okocha”- Little Known Nigerian Dapo Eyes Bundesliga Title With St. Pauli, Hints At Super Eagles Chance

Breaking News12 hours ago

US Dollar To Nigerian Naira Exchange Rate Today 28th February 2024

Health2 days ago

I ignored these cancer symptoms for years because I was scared – now I could die within months at 31

Politics1 day ago

BREAKING: After Stoning Tinubu’s Picture Amid Hunger, Northern Children Disrespect Shettima

AFCON1 day ago

“I am Child of the Soil Where Charm is a Thing”: Nigerian Star Breaks Silence over Voodoo Fight

Health2 days ago

Experts say there is no need for gaps in the mouth | Health Focus

Breaking News1 day ago

JUST-IN: Alleged hajj fraud: EFCC quizzes ex-NAHCON Chairman Zikirullah

Breaking News11 hours ago

BREAKING: Central Bank of Nigeria Raises Interest Rate to Twenty-Two Point Seven Five Percent, Begins Sales of Dollars to Bureau de Change Operators

Politics1 day ago

BREAKING: Shehu Sani Reacts As FEC Approves Implementation of Oronsaye Report: “Workers Will Lose Their Jobs”

Breaking News1 day ago

BREAKING: FG Grant Opportunities Awaiting Disbursement: A Call for Action

AFCON10 hours ago

FA Cup: Four Teams Qualify For Quarter-final

Breaking News11 hours ago

Hardship: Man Kills Son For Eating Last Portion Of Food

Politics11 hours ago

BREAKING: President Bola Tinubu set to scrap EFCC, ICPC

AFCON1 day ago

He Will Play For Italy Not Super Eagles – Coach Of Italy Reveals Decision Made By Fiorentina Star Defender

Breaking News6 hours ago

BREAKING: Within 24 hours, Dollar Crashes Massively Against Naira On Binance [DETAILS]

Breaking News11 hours ago

BREAKING: Top 12 Performing Ministers in President Bola Tinubu’s Administration

Politics6 hours ago

Ayo Fayose “The only thing I want to say to President Tinubu without fear is that, the President should stop praising Buhari”

Health2 days ago

See The Number Of Times A Healthy Person Wakes Up At Night To Urinate

Health2 days ago

Cancer expert shares eight early signs of a tumour in your body – early detection key

Health4 hours ago

Apparently If You Put Garlic In Your Ear Overnight This Happens

AFCON10 hours ago

BREAKING: Nwabali breaks silence on Union Saint-Gilloise transfer rumours

Breaking News7 hours ago

God Is Wonderful! See 25 Photos Photos Of Little Kids That Were Born With Strange Eyes

Health4 hours ago

Side Effects Of Taking Too Much Garri

Entertainment21 hours ago

Meet Top 10 Popular Oldest Yoruba Actor And Their Brief Biography (Photos)

Breaking News1 day ago

BREAKING: Naira gains as CBN plans $40,000 weekly sales to BDCs

Breaking News1 day ago

BREAKING: 100,000 Civil Servants Will Lose Their Jobs — Falana Faults Tinubu’s Implementation Of Oronsaye Report

Politics1 day ago

BREAKING: Why I introduced contributory pension – Obasanjo

Breaking News1 day ago

NEWS: Nigerian man in disbelief after fan who begged for N100k divided N400k he mistakenly sent him

Health2 days ago

Warning sound when falling asleep that could be sign of a heart problem

Entertainment1 day ago

“I Have Never Hold This Kind Of Money In My Life, My Children Negleected Me, But You Show Me Love”- Mama A2 Breakdown In Tears As Kunle Afod Surprises Her With 645k (Watch)

Breaking News12 hours ago

Here is How Bob Marley Died – The Mystery Explained

Breaking News1 day ago

BREAKING: Cardoso Accuses Binance Nigeria Of Carrying Out $26bn Suspicious Transactions

Trending