JUST IN: CBN Increases Exchange Rate For Customs Duty Yet Again

By Sylvanus OBASI, Lagos

The Central Bank of Nigeria (CBN) has yet again increased the exchange rate used for calculating Customs duties at the seaports in the country. 

According to data from the official trade portal of the Nigeria Customs Service, the exchange rate was adjusted upwards on Monday, February 12th, from 1,417.635 Naira per US dollar to 1,444.56 Naira per US dollar.

Platform Reporters gathered that the Customs duty rate has been raised by 1.9 percent on Monday. This adjustment marks the fourth time this year that the apex bank has made changes to the rate

As a result, importers and manufacturers who rely on the country’s seaport to bring in essential production materials will be required to pay a higher amount to facilitate the customs clearance of their goods, as import duties will be set according to the value of the dollar.

Furthermore, it indicates a surge of N26,925 and a percentage surge of 1.9 percent, which falls below the official CBN exchange rate of N1,481.982/$ as of Monday morning, February 12, 2024.

Leave a Reply

Your email address will not be published. Required fields are marked *