The Central Bank of Nigeria (CBN) has announced a 5.3% reduction in the exchange rate for computing Customs duties at the nation’s seaports.
The Customs FX duty rate has been revised from N1630.159/$ to N1,544.081/$ as of March 4, 2024. The move comes in response to the stability of the naira’s exchange rate against the dollar.
The new rate represents a 5.3% decrease compared to the previous rate of N1630.159/$ used on March 2, 2024.
Importers opening Form M for trade on Monday, March 4, 2024, will benefit from a lower exchange rate for duty calculation, providing some relief in import duties.
Industry analysts suggest that the CBN’s efforts to stabilize the exchange rate for Customs duty evaluation will help mitigate the economic impact of high tariffs on businesses.
The move aims to create a more favourable business environment for importers, addressing concerns about high import duties and fluctuating FX rates for duty calculation.
Last week, the CBN issued a directive instructing Customs to use the rate on submitting Form M to calculate import duties.
