CBN cuts custom exchange rates to clear goods at ports

The Central Bank of Nigeria, CBN, has introduced a new rate, lowering the customs import duties at the nation’s ports.

Recall that Customs duties are taxes and levies paid on goods imported into the country.

Data from the federal government trading portal, indicated that the CBN has set a new exchange rate to calculate customs import duties.

Nigerian importers will now be charged N1164.843 per dollar for import duty.

The new rate represents a 1.27% reduction from the previous rate of N1,150.16 per dollar.

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With the apex bank’s policy that Customs should be using the rate on the date of submitting Form M for calculating duties, the adjustment means that importers opening Form M on Monday, April 29, 2024, for any import trade, will have to look for more money to pay as import duties compared to the importer who opened Form M on Friday, April 26, 2024.

Form M is a mandatory online documentation process for importing physical goods into Nigeria.

The current Customs rate is now lower than the Nigerian currency against the US dollar.

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