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CBN Increases Customs Duty Exchange Rate To Clear Goods, As Naira Appreciates At Official Market

Daily Record May 17, 2024 Business, slideshow Leave a comment

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The Central Bank of Nigeria (CBN) has once again increased the rate to calculate customs import duties at the nation’s ports and airports.
Customs duties are taxes and levies paid on goods imported into the country.

The duties are paid through a commercial bank to the Nigeria Customs Service, which receives on behalf of the federal government.

According to the latest data published on the federal government trading portal, Nigerian importers will now pay N1,492.08 per dollar for customs duty.

The new rate represents a 6.04% increase from the previous rate of N1,407.06 as of Thursday, May 16, 2024.
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The development comes despite the naira appreciation against the dollar in the foreign exchange markets.

Nigeria Customs adopted the floating naira regime and charged importers based on the prevailing exchange rate.

Meanwhile, naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) appreciated against the dollar to close at N1,459.09/$1 on Thursday, May 16, 2024.

On Thursday, the naira weakened against the dollar in the black market by N10 to finish at N1,540/$1 compared with Wednesday ’s value of N1,530/$1.

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