The Central Bank of Nigeria has reduced the exchange rate used by the Nigeria Customs Service (NCS) to calculate import duty when clearing goods at the nation’s seaports. This is the first time since June 2023, that the dollar exchange rate has decreased, offering potential relief to businesses and consumers....CONTINUE READING
Import duty, also known as a customs duty, is a tax collected by a country’s customs authorities on the importation of goods.
The value of the imported goods usually determines the amount that will be levied on them.
According to data obtained from the federal government trading portal, importers will be charged N1,472.756/$ when paying for import duty starting from Friday, February 16, 2024.
This represents an N42.33 or 2.79% increase from the previous rate of N1,515.092 a dollar.
Timeline on customs exchange rates changes in 2024
On February 2, the CBN adjusted the exchange rate for calculating import duties from N951.941/$ to N1, 356.883/$.On February 3, it was raised to N1, 413.62/$.On February 10, it was raised to N1,417.635/$.On February 12, it was reviewed to N1, 444.56/$.On February 14, the rate was raised to N1, 481.482/$.February 15, it has been increased to N1515.092/$.
CBN governor plans next move for Naira
Earlier, reported that the CBN is set to introduce a singular foreign currency (FCY) gateway bank.
The apex bank said the move would centralise all correspondent banking activities and facilitate international trade and economic activities.
The CBN also announced a plan to streamline the number of BDC operators in Nigeria, improve the nation’s forex inflows and stabilise the Naira.
