In a surprising move, Bola Tinubu’s influence extends further as the Central Bank of Nigeria (CBN) raises the Customs exchange rate for the second time in 24 hours, this time by a whopping 43%, now standing at N1,414 per dollar.
The abrupt change, vehemently opposed by importers and Customs brokers, has triggered concerns among stakeholders.
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Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), labelled this increase as devastating, emphasizing a 42.5% surge in import duty computation.
He warned of negative repercussions on businesses, already reeling from recent currency devaluation and unification of the exchange rate.
Yusuf highlighted the potential for increased inflation and further impoverishment of vulnerable segments. Urging the CBN to reconsider, he suggested involving fiscal authorities in determining exchange rates for import duty computation, aligning with existing fiscal policies.
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Alhaji Tanko Ibrahim, National Coordinator of the National Association of Government Approved Freight Forwarders (NAGAFF), hinted at more adjustments, claiming the CBN plans to push the Customs exchange rate even higher, potentially reaching N1,500 per dollar.
The continuous rate adjustments have left stakeholders agitated, fearing the collapse of the import business and potential challenges for the Nigeria Customs Service in meeting its ambitious N5.1 trillion revenue target for 2024.
Critics, including an irate freight forwarder, accuse the government of insensitivity, portraying it as indifferent to the plight of ordinary Nigerians.
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