CBN sets new customs exchange rate to clear goods at ports

The Central Bank of Nigeria (CBN) has set a new exchange rate to calculate customs import duties at the nation's ports. 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.

According to data from the federal government trading portal, Nigerian importers will be charged N1164.843 per dollar for import duty.

The new rate represents a 1.27% reduction from the previous rate of N1,150.16 per dollar.

With the apex bank’s policy that Customs should be using the rate on the date of submitting Form M for calculating duties, the adjustment means that importers opening Form M on Monday, April 29, 2024, for any import trade, will have to look for more money to pay as import duties compared to the importer who opened Form M on Friday, April 26, 2024.

Form M is a mandatory online documentation process for importing physical goods into Nigeria. Customs rate lower than official and unofficial exchange rate The current Customs rate is now lower than the Nigerian currency against the US dollar.

On Friday, April 26, 2024, the naira exchanged to the dollar at N1,339.23/$1 in the official market at the Nigerian Autonomous Foreign Exchange Market (NAFEM). While in the black market naira exchanged at N1,400/$1.

CBN sells dollars to BDC operators

Earlier, Legit.ng reported that the Central Bank of Nigeria again conducted another round of dollar sales to licensed Bureau De Change Operators.

The sale is part of the apex bank's plan to ensure enough liquidity in the market and stabilise the currency.

The CBN has also fixed an exchange rate limit for the BDCs when selling to Nigerians seeking dollars.