Nigeria Customs Increases Exchange Rate for Importers To Clear Goods at Ports

Nigeria Customs Increases Exchange Rate for Importers To Clear Goods at Ports

  • The Nigeria Customs Service has once again reviewed the foreign exchange rate for clearing imported goods at Nigerian ports
  • The new rates are intended to reflect the performance of the naira against the dollar across the foreign exchange markets
  • Importers will now have to pay more to bring in their goods, which will lead to an increase in the cost of cars, mobile phones and other foreign items

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

The Nigeria Customs Service (NCS) has published a new exchange rate for cargo clearing at the port.

Data from the federal government's single-window trade portal shows that importers will now pay N1,356.88/$.

Nigeria customs exchange rate
Nigerian govt has announced changes in exchange rate Photo credit: CustomsNG
Source: Facebook

The new exchange rate represents a 29.84% or N404.94 increase compared to the previous rate of N951.94/$.

Read also

How CBN contributed to tumbling naira value, Peter Obi's ally Utomi speaks

This is the 5th exchange rate adjustment the port industry has witnessed since June 2023.

Customs new exchange rate for cargo clearance

Adewale Adeniyi, the Comptroller General of the NCS, explained in an earlier report that the fluctuations in import duty rates over the past few months are not the result of the service's actions.

He noted that the NCS does not fix rates and that the changes align with the CBN's floating foreign exchange rate regime.

His words:

"What we do is just to update our systems. It is not about Customs reducing or increasing the exchange rate. We have nothing to do with whether the exchange rate goes up or come down.
“It is not us, we follow what is proscribed for us by the regulatory authority for monetary affairs, which is the Central Bank of Nigeria.”

Read also

EFCC arrests those allegedly spoiling naira, launches taskforce to track dollar racketeers

Impact of the new exchange rate

With the adjustment in the exchange rate, importers bringing goods through the nation's seaports will now be paying more as import duty tariffs.

Items such as used vehicles, mobile phones, and electronics, among others, are set to increase in value in the coming weeks.

FG addresses Naira the dollar exchange rate

Legit.ng earlier reported that Ben Akabueze, the director-general of the federation's budget office, said the Naira would strengthen in value in the foreign exchange market in 2024.

Speaking in an interview with Channels TV on Tuesday, December 26, 2023, Akabueze said this would be possible as the country expects an increase in dollar supply.

He noted that the Tinubu-led government expects the reforms initiated in 2023 to start yielding results in 2024, which is why it maintains a positive stance on the exchange rate.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

Online view pixel