Mr. Peter Obi, has said the Federal Government’s inconsistency in custom duty charges is hampering business growth.
The first increase was in June 2023 when it was adjusted from N422.30 per dollar to N589 per dollar. As importers were trying to adjust, the apex bank moved it to N770.88 per $1 in July.
In December 2023, another adjustment was implemented as the exchange rate rose from N783/$1 to N951/$1 and on February 2, 2024, the CBN implemented a fifth increment, rising from N951/$1 to N1,356/$1
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Reacting to the development in a series of posts on his X handle, Mr. Obi called on the Federal Government to end the inconsistency in duty charges, claiming it affects the general business atmosphere in the country, and portends a huge danger to the economy.
The exchange rate for Duty collection is usually determined by the Central Bank of Nigeria (CBN).
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