Importers To Pay More To Clear Goods at Ports As CBN Sets New Customs Duty Rate As Naira Crashes

Importers To Pay More To Clear Goods at Ports As CBN Sets New Customs Duty Rate As Naira Crashes

  • A new customs duty exchange rates for importers to clear goods at the nation's ports has been set
  • The latest rates reflect the current naira performance in the official and unofficial foreign exchange markets
  • The new rates means that importing items such as phone, cars will continue to be more expensive for Nigerians

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 readjusted the rate to calculate customs import duties at the nation's ports and airports.

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

Customs Naira to dollar exchange rate
Nigerians to pay more to clear goods Photo credit: Benson Ibeabuchi
Source: Getty Images

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

Read also

CBN adjusts Customs FX rate for cargo clearance as dollar crashes

Customs new exchange rate

New data published on the federal government trading portal, indicates that Nigerian importers will pay N1,457/$ per dollar.

The new rate represents a 2.99% increase from the previous rate of N1,414.599 per dollar on Friday, May 10, 2024.

Under the central bank's new directive, Customs will calculate duties based on the exchange rate on the day Form M is submitted.

This adjustment means that importers who open Form M on Monday, May 13, 2024, will be charged according to the updated rate.

Form M is a mandatory online documentation process for importing physical goods into Nigeria

Joe Madu, a licensed customs agent, lamented the new rate in a chat with Legit.ng.

"It seems the government is determined to stick with the floating exchange rate despite the pleas from stakeholders and the impact on businesses so there is nothing we can do."

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Customs rate reflects naira performance

The new Customs duty rate is reflects the exchange rate of the naira in the official market.

Legit.ng reported that the naira crashed to N1466.31/$1 on Friday, May 10, 2024 on the official Nigerian Autonomous Foreign Exchange Market (NAFEM).

Peter Obi on 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

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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