Nigeria Customs Again Increases Dollar Rate To Clear Goods at Ports

Nigeria Customs Again Increases Dollar Rate To Clear Goods at Ports

  • The Nigeria Customs Service has once again adjusted the foreign exchange rate for clearing imported goods at Nigerian ports
  • The new rates reflect the Naira exchange rate performance against the dollar in the official forex market
  • It will now cost more for Importers to bring in goods such as the cost of cars, mobile phones and other foreign items 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 Nigerian Customs Service (NCS) has again raised its foreign exchange (FX) rate for tariffs and duties collection.

According to data from the federal government's single-window trade portal, importers will now pay N1,624.732 per dollar as of Wednesday, March 12, 2024.

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Nigeria customs import duty rate
Importers to pay more to clear goods at ports Photo credit: NCS
Source: Getty Images

The latest change represents a 1.93% or N30.89 increase compared to the N1,593.842/$ exchange rate displayed on Monday, March 10, 2024.

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The new import duty rate comes as Nigerian currency against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) closed at N1,617.96/$1 on Monday, March 11, 2024.

Monday's rate represents a 0.6% or N9.44 appreciation compared to last Friday's exchange rate of N1,627.40/$1.

Lawmakers, Obi pleas for FG to stop Custom rate changes

Experts, economists, manufacturers, and clearing agents have consistently expressed concerns about the impact of ongoing changes in Customs exchange rates.

Peter Obi earlier weighed in on the matter, explaining that the changes are affecting the business climate in the country and could lead to the death of many businesses.

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Additionally, the Centre for the Promotion of Private Enterprise has echoed lawmakers' call to the CBN and the federal government to peg customs duty exchange rates to N1000/$.

US bank predicts Naira will bounce back earlier reported that US-based investment bank Goldman Sachs has predicted a new exchange rate for the Naira against the dollar.

Goldman Sachs said the Naira is expected to rebound and close the year at N1,200 per dollar at the official market.

The Nigerian currency currently exchanges in the official and black markets above N1,600 against the US dollar.


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