The Central Bank of Nigeria, CBN, has increased the exchange rate for calculating Customs duties at the nation’s seaports by 0.28 per cent from N1,413.62/$ to N1,417.635/$.
The increase of N4.02 was effected by the bank on Saturday, February 10, 2024.
It was gathered that the current upward review of the exchange rate for calculating Customs import duty was the third this year and seventh time within the space of eight months since the Federal Government commenced the floating naira policy, a reform aimed at stabilising the forex market.
In June 2023, Customs had the import duty was adjusted from N422.30/$ to N589/$, and on July 6, 2023, it was adjusted to N770.88/$, on November 14, 2023, it was adjusted to N783.174/$, in December it was adjusted to N951.941/$, on February 2 it was moved to N1, 356.883/$ and on February 3, it was raised to N1, 413.62/$ and now it has been raised to N1,417.635/$.
With the upward review, it was learnt that Nigerians would pay more to clear their goods at the port because import duties are benchmarked against the dollar.
