Following a few days of calm, the Central Bank of Nigeria (CBN) boosted the exchange rate used to calculate customs taxes at the country’s seaports by 1.1 percent.
The Customs tax rate was increased from N1, 544.081/$ to N1, 560.511/$ on Wednesday, March 6, 2024, according to information on the Nigeria Customs Service’s official trade webpage.
The recent review by the apex bank reflects a 1.1% rise in the Customs tax rate and an increase of N16.43 on each dollar required to clear goods at the port, compared to the previous exchange rate of N1, 544.081/$.
Importers who file Form M today will pay more to clear their goods due to the increase in the Customs duty exchange rate, which is benchmarked against the dollar.
Also, importers who open Form M today would pay a greater rate than those who opened Form M on Tuesday, March 5, according to the apex bank’s latest direction to Customs to calculate import duties using the rate on the day of submission.
The exchange rate for clearing products at the port has emerged as a vital policy with significant ramifications for the country’s international trade.