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Cost of import clearance jumps by 23% amid currency fluctuations

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Cost of import clearance jumps by 23% amid currency fluctuations.

In the space of 16 days, the cost of clearing imports increased by 23% from ₦1,150.16/$ recorded on April 23, 2024, to ₦1,412.6/$ as of May 8, 2024.

Importers began witnessing an increased cost of clearing imports due to the implementation of the 2023 Customs Act. The Act granted the Central Bank of Nigeria (CBN) the power to set the rate used for calculating import duty according to the prevailing exchange.

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