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Exchange rate induced increase in vehicle clearing cost, plunge car dealers into confusion

06/13/2019

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Car dealers are confused as the Nigerian custom exchange rate has jumped up recently thereby causing increased customs import duty. Read the full update here!

Naijauto.com, as well as most Nigerian car dealers, got an “unpleasant surprise” earlier this week as the official exchange rate of the Nigerian customs was suddenly increased from the former ₦306/$1 to ₦326/$1. Consequently, this sudden increment has also affected and raised the clearing cost on imported items (goods, cars, etc.) at the various Nigerian ports as well.

The sudden announcement and immediate implementation of this new rate since Monday 10th of June 2019 has unpleasantly thrown lots of Nigerian clearing agents and car dealers into a serious confused state, both financially and psychologically.

Imported-Cars-waiting-to-be-cleared-at-Nigeria-port

The Nigerian Customs has suddenly increased the national exchange rate causing serious confusion for car dealers and importers

>>> For your reference: What is the cost of clearing Mercedes Benz cars in Nigeria in 2019?

Imagine a clearing agent that had initially been charged ₦2,350,000 as the surface duty for an imported Mercedes Benz SUV now being charged ₦2,500,000 for the same vehicle as of this week after the exchange rate increment. Similarly, an agent being charged a ₦201,000 surface duty for a Toyota Camry 2005 model now having to explain to his customers that the new surface duty charge is ₦214,000 to which other charges will still be added in order to fully clear the car.

If you have a car or other type of goods that are already being imported and in transit to Nigeria, be prepared now for more clearing charges than you initially planned.

>>> For more up-to-date News and reports like this? Navigate to: car news, auto-launch, and automotive industry updates.

Oluwaseun Solomon