Money

CBN Slashes Customs Dollar Exchange Rate To Clear Goods at Ports

Updated Saturday, April 20, 2024 at 10:16 AM by Dave Ibemere

The CBN has announced new custom duty rates for importers to clear goods at the nation's ports
The latest rates will come as another significant relief to businesses and importers who have struggled to clear their goods
The new dollar exchange rate reflects the current rate at the Nigerian Autonomous Foreign Exchange Market (NAFEM)

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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 Central Bank of Nigeria (CBN) has slashed the Nigeria Customs Service exchange rate to calculate import duties at the nation's ports.

Customs duties are taxes and levies paid on goods imported into the country.

Nigerian importers get new rate to clear goods at ports — Nigerian importers pay less to clear goods at the port Photo credit: NCS
Source: Facebook

The duties are paid through a commercial bank to the Nigeria Customs Service, which receives on behalf of the federal government.

Customs new exchange rate

Data from the federal government trading portal showed that as of Friday, April 19, 2024, importers will be charged N1,147.029 per dollar for import duty.

The new rate represents a 7.36% reduction from the previous rate of N1,238.179 per dollar.

Why did CBN slash Customs duty?

The decision to slash the customs rate follows the recent impressive performance of the Nigerian currency against the US dollar.

However, on Thursday, April 18, 2024, the naira lost ground against the US dollar in the official market, slumping by 7.6% or N7.78 to close at N1,154.08/$1 compared to the previous day's value of N1,072.74/$1.

Customs suspends sale of seized food items

Legit.ng also reported that the customs suspended the sale of seized food items following the stampede that led to the loss of seven lives in Lagos; among the dead is Funmilayo Comfort Adebanjo, a member of the All Progressives Congress (APC).