CBN slashes customs dollar exchange rate to clear goods at ports

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

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 reported that the Nigeria Customs Service (NCS) has 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).

The Customs' spokesperson, Abdullahi Maiwada, disclosed this in a statement via the NCS X handle (formerly known as Twitter) @CustomsNG on Monday, February 26.

Maiwada said the decision was due to a stampede that claimed lives at NCS Old Zonal Headquarters in the Yaba area of Lagos state on Friday, February 23.