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Shippers threatens to stop goods importation through Nigerian seaports

Shippers in the country have threatened to stop using Nigerian seaports to bring in their goods from overseas due to high duties payable on imported goods.

The import duties have risen by as much as 60 percent in the last one month as the Nigeria Customs Service has adjusted the naira-dollar exchange rate to the current market value of the local currency.

The naira exchanged for 313 to the dollar at the official interbank market on Monday, though it appreciated to 310 on Tuesday, making it the second time in one month that the Customs will make the adjustment in the exchange rate.

Recall that the NCS had directed that the dollar rate used for calculating import duties be increased from 197 Naira to 282 Naira, the latest adjustment came into effect on Monday, August 1, 2016.

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