Neco 2017 Commerce Question 4
Practice essay / theory question 4 from the 2017 Neco Commerce examination. This question covers Foreign Trade, Exchange rate conversion, Import duty and levy, Cost analysis .
An importer in Nigeria plans to import 5,000 kg of cocoa beans from Ghana. The invoice price is $2 per kilogram. The prevailing exchange rate is ₦460 per US dollar. Import duty of 5 % is levied on the invoice value, and a levy of 2 % is charged on the total cost after duty. A freight charge of ₦150,000 is also payable. The exchange rate is expected to increase by 8 % before the importer settles the payment.
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This is Neco 2017 Commerce Question 4. It is one of the essay questions from the 2017 Neco Commerce examination.
The question covers Foreign Trade, Exchange rate conversion, Import duty and levy, Cost analysis .
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