Maritime
The Central Bank of Nigeria has slashed the exchange rate for cargo clearances at Nigeria's ports as the naira recorded a strong performance against the US dollar.
The Nigeria Customs Service has again adjusted the exchange rate that importers will pay to clear their cargo at all the nation's ports from March 12.
The Central Bank of Nigeria (CBN) reduced the exchange rate by 1.9% on Thursday morning in order to calculate customs charges at the country's seaports.
To alleviate the current challenges in the nation, the Center for the Promotion of Private Enterprise has urged the CBN to set a new rate of customs duty.
The Nigeria Customs Service has been urged by the CBN to use the closing foreign exchange rate within the designated timeframe when calculating import duties.
The Central Bank of Nigeria has raised the customs import duty exchange rate to N400 per dollar amid the naira's record low against the US dollar.
According to the NPA, it bills operators in US dollars since the dollar is a commonly recognized form of payment and shipping is an international industry
Maritime workers have threatened to close the nation's seaports over the planned 50% reduction in the internally generated revenues from the Nigerian Ports Authority
For the third time this year, the Central Bank of Nigeria (CBN) has raised the currency rate used to determine customs charges at the country's seaports.
Maritime
Load more