Again, Customs import duty rate rises 2.9% as naira weakens

In response to the naira’s decline versus the dollar on the official and black markets, the Central Bank of Nigeria (CBN) raised the exchange rate used to determine customs import duty on Monday by 2.9 percent.

Information from the Nigeria Customs Service’s official trade portal indicates that on Monday morning, the rate was reviewed increased, going from N1, 493.23/$ to N1, 537.073/$.

In comparison to the previous exchange rate of N1, 493.23/$, the evaluation by the apex bank indicates a 2.9 percent increase in the customs duty rate and an increase of N43.843.

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Today’s review is the highest rate the nation’s port industry is witnessing since the Central Bank introduced FX reforms in June 2023 to stabilise the foreign exchange rates.

It is also coming three days after the House of Representatives directed the apex bank to maintain the exchange rate for Customs and excise duties at below N1,000/$.

THE MATRIX checks show that the new rate was reviewed upward in line with the Nigerian Foreign Exchange Market of the CBN, which stands at N1,537.573/$ as of Monday morning, February 19, 2024, in line with the plans of the Customs management to align Customs import duty rate with the official FX rate