Customs to Charge New Rates For Cargo Clearance as CBN Slashes FX to Lowest

• The Nigeria Customs Service (NCS) exchange rate has been revised downwards by the CBN
• The Central Bank of Nigeria (CBN) has readjusted the Customs FX rate to N1,260 from the N1,330
• In the past three months, the CBN has adjusted the Customs FX rates 28 times, which Customs says affects trade in Nigeria

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

In the past few days, the foreign exchange rates for the Nigeria Customs Service (NCS) cargo clearance in Nigerian ports have dropped to N1,260.49 per dollar from N1,330.

The new rate represents a decrease of about N70 for clearance, reflecting the closing rate on the official foreign exchange rate window on Friday, April 5, 2024, of N1,255 per dollar.

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Customs FX rates decline from N1,600 per dollar

In the last two weeks, the exchange rate for import duty payments has decreased as the naira continues to appreciate against major currencies in the Forex market.

The Customs FX rate peaked at N1,624.7 per dollar and has since declined due to a stronger naira.

According to the Nigeria Customs Service, the apex bank is responsible for fixing its FX rate for cargo clearance in line with the prevailing official market rate.

Reports say the CBN said that the exchange rate applies when the rate Form M is initiated and would be the benchmark for assessing import duties.

Customs complain of constant adjustment

The head of Customs, Adewale Adeniyi, recently complained that the continuous changes in the exchange rate for duty collection and cargo clearance affect trade in Nigeria. He stated that in Q1 of 2024, the CBN adjusted the FX rates for cargo clearance 28 times.

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The development comes as the Nigerian currency has continued to appreciate against most currencies, especially the US dollar, rising from N1,600 to N1,255 in the official market and N1,900 to N1,247 in the parallel market.

CBN readjusts Customs forex Import duties

Legit.ng earlier reported the Central Bank of Nigeria has reviewed the current exchange rate for Customs import duties and cargo clearance upwards.

According to the Customs exchange rate portal information, the apex bank adjusted the rate from N1,250 to N1,330.36 per dollar as the Nigerian currency traded at N1,278 at the official window.

The recent adjustment by the CBN reflects the current rate at which the naira trades with the US dollar.

Source: Legit.ng