CBN sets new customs exchange rate to clear goods as Dollar crashes by 12% against Naira

The Central Bank of Nigeria (CBN) has slashed the Nigeria Customs Service exchange rate to calculate 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.

Customs new exchange rate

Data from the federal government trading portal showed that as of Saturday, March 23, 2024, importers will be charged N1,448.386 per dollar for import duty.

The new rate represents a 7.89% reduction from the previous rate of N1,572.507 per dollar.

The decision to slash the customs rate comes as the value of the Nigerian currency improved against the US dollar.

The naira during the week (Monday, 18th to Friday, 23rd, 2024) recorded impressive performances to end the week with a 12% gain.

The exchange rate closed at N1,431/$1 on Friday, March 22, 204, at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market.

BusinessDay reports that on Thursday, March 21, some traders quoted N1,251/$, the lowest rate in 2024.