In response to the recent stability in the exchange rate of the naira to the dollar, the Central Bank of Nigeria (CBN) has implemented a significant reduction in the exchange rate used for computing Customs duties at the nation’s seaports.
The Customs FX duty rate has been lowered by 5.3%, marking a notable decrease from N1,630.159/$ to N1,544.081/$ effective March 4, 2024.
This adjustment, as disclosed by the official trade portal of the Nigeria Customs Service, represents a tangible 5.3% decrease compared to the previous rate of N1,630.159/$, which was in effect until March 2, 2024.
Importers and businesses operating within the importation sector stand to benefit from this reduction, as it translates to a savings of N86.078 per dollar required for clearing goods at the port.