The Central Bank of Nigeria (CBN) has revealed that the latest customs duty rate to be used by importers to clear goods at the ports.

According to data from Nigeria's trade portal, on Tuesday, May 20, the CBN raised the exchange rate for clearing goods to N1,598.18 per dollar.

The latest rate represents a slight increase of 1.58% when compared to the N1,596 per dollar exchange rate quoted as of Thursday, May 1.

Customs exchange rate changes

The Nigeria Customs Service (NCS) says the prevailing exchange rate set by the Central Bank of Nigeria (CBN) determines its rates of import duty collection and not market forces.

The NCS has stated that the exchange rate used for the calculation of import duties is the official rate set by the Central Bank of Nigeria (CBN), rather than market-driven rates.

All importers are required to complete Form M, a mandatory statutory document for the importation of goods into Nigeria. This form must be registered with Authorised Dealers at the time orders are placed, regardless of whether foreign exchange is involved.

Key details regarding Form M:

Validity period:

-General merchandise: 180 days

-Plant and machinery: 365 days

Naira appreciates against the US dollar

The CBN exchange rate is based on the performance of the naira in the Nigerian Foreign Exchange Market (NFEM).

Naira gained 63 Kobo or 0.04% against the US dollar to trade at N1,598.94/$1, in contrast to last Friday’s value of N1,599.57/$1.

However, the naira depreciated against the Pound Sterling in the spot market by N13.87 to close at N2,137.29/£1 versus the previous trading day’s N2,123.42/£1 and lost N10.99 against the Euro to finish at N1,799.00/€1 versus N1,788.01/€1.

Naira exchange rates against other currencies

-CFA: N2.73

-Yuan/Renminbi: N221.57

-Danish Krona: N241.06

-Euro: N1,799.00

-Yen: N11.02

-Riyal: N426.23

-South African Rand: N88.57

-Swiss Franc: N1,917.81

-Pounds Sterling: N2,137.29