By Olivia Joseph (AGENDAWATCHDO) – Consequent to the execution of the new exchange rate by the Nigeria Customs Service, NCS, importers and their agents have said that a 5.0 per cent increase is now effected in duty payable on all imports.
According to reports, the Nigeria Customs began the application of the new regime following the devaluation of the Naira exchange rate to N381 to a US Dollar, from N361.
Joseph Attah, the National Public Relations Officer of NCS, while briefing the press on the development explained that the increase was not a function of the Customs but that of exchange regime because the Customs tariff has not changed.
“However, the exchange regime may result in a higher amount payable. The duty payable when the exchange rate N300 will not be the same when it is N450’’, he stated.