The Central Bank of Nigeria (CBN) has once again raised the exchange rate for calculating Customs duties at the nation’s seaports by 1.1 percent. This move comes as the Nigerian Customs Service (NCS) reviews its foreign exchange (FX) rate for customs duties collection, reducing it by 5.3 percent to N1,544.081. The reduction in exchange rate is expected to benefit importers, as it will lower the amount they need to pay to clear their goods at the nation’s ports. The CBN has been making efforts to stabilize the Nigerian Naira amidst continued appreciation in the foreign exchange market. These changes in customs duty rates are important as they directly impact the cost of imports and overall trade in Nigeria.

CBN Raises Customs Duty Rate To N1, 560.511/$

The Central Bank of Nigeria (CBN) has recently announced that it is increasing the exchange rate used to calculate import duties for goods at the nation’s seaports. This new rate has been set at N1,560.511 per dollar, representing a 1.1 percent increase from the previous rate. The CBN’s decision comes as part of its efforts to stabilize the Nigerian Naira amidst fluctuations in the foreign exchange market. This increase in customs duty rates will have implications for importers, as it will raise the cost of clearing goods at the ports. Importers will need to factor in these new rates when calculating their expenses and planning their import strategies.

CBN Slashes Customs Rate by 5.3% Amid Continued Naira Appreciation at Forex Market

The Nigerian Customs Service (NCS) has recently reviewed its foreign exchange (FX) rate for customs duties collection, reducing it by 5.3 percent to N1,544.081. This decision by the NCS comes amidst the Nigerian Naira’s continued appreciation in the foreign exchange market. By lowering the exchange rate, the NCS aims to lower the costs for importers in clearing their goods at the nation’s ports. This move is expected to stimulate trade and make imports more affordable for businesses and consumers in Nigeria. The NCS’s decision to slash customs rates reflects its commitment to supporting economic growth and facilitating trade amidst the changing currency dynamics in the country.

Nigeria Customs Again Increases Dollar Exchange Rate To Clear Goods At Ports As Naira Crashes

The Central Bank of Nigeria (CBN) has announced yet another decrease in the exchange rate used to calculate import duties for goods at the nation’s seaports. The new rate, set at N1,544.081, represents a decrease of 5.3 percent. This decision by the CBN comes in response to the recent fluctuations in the value of the Nigerian Naira, which has experienced a decline against major foreign currencies. The CBN’s move to reduce customs duty rates aims to mitigate the impact of the Naira’s devaluation on importers and stimulate trade. By lowering the cost of clearing goods at the ports, the CBN seeks to support businesses and maintain stability in the foreign exchange market.

Summary:

• The Central Bank of Nigeria (CBN) has raised the exchange rate for calculating Customs duties at the nation’s seaports by 1.1 percent.
• The Nigerian Customs Service (NCS) has reduced the foreign exchange (FX) rate for customs duties collection by 5.3 percent.
• The CBN aims to stabilize the Nigerian Naira amidst continued appreciation in the foreign exchange market.
• These changes in customs duty rates directly impact the cost of imports and overall trade in Nigeria.