CBN Increases Customs Duty Dollar Exchange Rate To Clear Goods, Despite Naira Appreciation

• The CBN has decided to increase Customs duty exchange rates for importers to clear goods at the nation's ports
• The new rates reflect the recent performance of the naira in the official foreign exchange markets
• Nigerians, experts are still hoping the CBN will reduce the rates to make imported goods such as phones and cars less expensive

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 once again increased the rate to calculate customs import duties at the nation's stations and airports.

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

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

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Customs new exchange rate

According to the latest federal government trading portal data, Nigerian importers will now pay N1,492.08 per dollar for customs duty.

The new rate represents a 6.04% increase from the previous rate of N1,407.06 as of Tuesday, May 14, 2024.

The development comes despite the naira appreciation against the dollar in the foreign exchange markets.

Nigeria Customs adopted the floating naira regime and charged importers based on the prevailing exchange rate.

Naira appreciates

Legit.ng reported that the naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) appreciated against the dollar, closing at N1,459.09/$1 on Wednesday, May 16, 2024.

Wednesday's performance marked the first appreciation in over a week, offering importers hope for respite after a period of consistent increases due to naira's poor performance in the foreign exchange markets.

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Peter Obi on new Customs exchange rate

Earlier, Legit.ng reported that the Central Bank of Nigeria also adjusted the Nigeria Customs Service foreign exchange rate to clear imported goods at Nigerian ports.

Peter Obi reacted to the latest changes and expressed concerns that they could kill many businesses.

He further advised the government on actions to help the naira recover against the US dollar.

Source: Legit.ng