New Customs Duty Rate Announced by CBN N1, 560.511/$

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Following a period of stability, the Central Bank of Nigeria (CBN) has increased the exchange rate used to calculate customs taxes at the nation’s seaports by 1.1% once again.

According to information on the official trade portal of the Nigeria Customs Service, the customs tax rate was reviewed higher on Wednesday, March 6, 2024, from N1, 544.081/$ to N1, 560.511/$.

In comparison to the previous exchange rate of N1, 544.081/$, the present evaluation by the central bank indicates a 1.1% increase in the customs duty rate and an increase of N16.43 per dollar required to clear goods at the port.

As import duties are benchmarked against the dollar, importers who open Form M today will be charged more to clear their products due to the increase in the customs duty exchange rate.

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In addition, the new direction from the top bank to Customs to utilize the rate on the date of filing Form M for computing import duties means that importers who open Form M today will pay a higher rate than those who filed Form M on Tuesday, March 5.

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There are major policy ramifications for the country’s international trade as a whole due to the exchange rate for port clearance items.

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