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Again, CBN Increases Customs Duty On Cargo Clearance

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The Central Bank of Nigeria (CBN) has for the third time this year, increased the exchange rate for calculating customs duties at the nation’s seaports to N1,413.62/$  N1,417.635/$.

With the upward review, Nigerians will pay more to clear their goods at the port because import duties are benchmarked against the dollar.

According to information obtained from the official website of the Nigeria Customs Service, the exchange rate was reviewed upward on Friday, February 9.

This represents an increase of N4.015 and a percentage increase of 0.28 percent, which is below the official CBN exchange rate of N1,481.982/$ as of the morning of Saturday, February 10, 2024.

It was gathered that the current upward review of the exchange rate for calculating Customs import duty is the third in one week and also the third in 2024.

It is also the seventh time the apex bank has adjusted exchange in the space of eight months since President Tinubu’s administration commenced the floating naira policy, a reform aimed at stabilising the forex market.

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