BREAKING: ‘No more N770/$’ – Nigeria Customs announces new exchange rate for importers to clear goods at port

The Nigeria Customs Service (NCS) has unveiled a new exchange rate for cargo clearing at the port. According to Customs’ official website information, the exchange rate to clear goods has now increased by N12.29 to N783.174/$ as of November 10, 2023, from the previous rate of N770.88/$.…CONTINUE READING

BusinessDay reports that this is the second exchange rate adjustment the port industry has witnessed in five months.

The changes align with the Central Bank of Nigeria’s floating foreign exchange rate regime.

Impact of the new exchange rate

With the adjustment in the exchange rate, importers bringing goods through the nation’s seaports will now be paying more as import duty tariffs.

Items such as used vehicles and electronics, among several others, are set to increase in value in the coming weeks.

A few months back, the CBN instructed all Ministries, Departments and Agencies of Government (MDAs), including the Customs, to implement the floating naira policy.

Naira to dollar

Since the CBN decided to implement the new exchange rate, the value of the Naira has depreciated significantly. FMDQ reports that on Thursday, November 9, 20,23, the value of the Naira at the official market dropped to the lowest level in history against the US dollar.

One Naira was sold at N996.75 in the Nigerian Autonomous Foreign Exchange Market to N996.75 a dollar.

At the black market, the Naira to dollar exchanges at N1,120/$, while in the P2P window, traders quote an exchange rate of N1,079.2/$.