Nigeria Customs Announces New Dollar Exchange Rate To Clear Goods at Ports

• The Nigeria Customs Service has a new foreign exchange rate displayed for clearing imported goods at Nigerian ports
• The new rate is a relief for importers, considering the recent increases experienced in the last few months
• Experts, including Labour Party's presidential candidate Peter Obi, have consistently expressed concern about the changes in customs rates

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigeria Customs Service has announced the first changes in the exchange rate for clearing goods at the nation's ports for March 2024.

The new exchange rate reflects the Central Bank of Nigeria (CBN) official rate.

The latest adjustment captured on the federal government's single-window trade portal shows that importers will now pay N1,544.081 per dollar as import duty.

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The new exchange rate represents a slight increase of 5.28% compared to the previous rate of N1,630.1592/$.

Expert wants N1,000/$ exchange rate

Earlier, Legit.ng reported that Muda Yusuf, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), called on the Central Bank of Nigeria (CBN) to peg the Customs duty rate at N1000/$ to ease the current hardships in the country.

He stated that having a stable exchange rate for customs duty would address more significant issues.

He added that the change in the customs exchange rate is concerning and has led to the issue of the current expensive cost of cargo clearance at the ports, which has increased by more than 40% in the last two months.

He said:

“The high exchange rate for import duty assessment is fueling the already high inflation, increasing production and operating costs for manufacturers and other businesses, worsening the cost-of-living crisis and putting thousands of maritime sector jobs at risk.

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“There is also the added risk of cargo diversion to neighbouring countries and heightened smuggling, which could jeopardize the realisation of customs revenue target."

Peter Obi addresses new Customs exchange rate

Earlier, Legit.ng reported that the Central Bank of Nigeria adjusted the Nigeria Customs Service foreign exchange rate for clearing imported goods at Nigerian ports.

Peter Obi reacted to the latest changes and expressed concerns that they could lead to the death of many businesses.

He further advised the government on actions to help the Naira recover against the US dollar.

Source: Legit.ng