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

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

  • The Nigeria Customs Service has adjusted the foreign exchange rate for clearing imported goods at Nigerian ports
  • The new rate is the 7th adjustment since June 2023, when the Central Bank of Nigeria decided to float the naira
  • Despite the fluctuating value of the naira, Nigerian Customs has only implemented increases without any corresponding downward adjustments journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

The Nigeria Customs Service has once again readjusted the exchange rate for clearing goods at the nation's ports to reflect the Central Bank of Nigeria (CBN) official rate.

This marks the seventh adjustment since June 2023, indicating a volatile trend causing disruptions for companies and Nigerians relying on imports.

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Naira to dollar official rate
Nigerian govt adjusts official exchange rate again Photo credit: CustomsNG
Source: Facebook

The latest adjustment captured on the federal government's single-window trade portal shows that importers will now pay N1,417.635 per dollar as import duty.

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The new exchange rate represents a slight increase of 0.28% compared to the previous rate of N1413.62/$.

Customs new exchange rate explained

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.

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“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.”

FG addresses naira-dollar exchange rate 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 expected the reforms initiated in 2023 to start yielding results in 2024, which is why it maintained a positive stance on the exchange rate.


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