CBN Increases Customs Duty By 0.28%

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The Central Bank of Nigeria (CBN) has increased the exchange rate for calculating customs duties at the nation’s seaports by 0.28 per cent from ₦1,413.62/$ to ₦1,417.635/$.

The increase of ₦4.02 was effected by the bank on Saturday, February 10, 2024.

It was gathered that the current upward review of the exchange rate for calculating Customs import duty was the third this year and the seventh time within the space of eight months since the Federal Government commenced the floating naira policy, a reform aimed at stabilising the forex market.

In June 2023, Customs had the import duty adjusted from ₦422.30/$ to ₦589/$, and on July 6, 2023, it was adjusted to ₦770.88/$, on November 14, 2023, it was adjusted to ₦783.174/$, in December it was adjusted to ₦951.941/$, on February 2 it was moved to ₦1, 356.883/$ and on February 3, it was raised to ₦1, 413.62/$ and now it has been raised to ₦1,417.635/$.

With the upward review, it was learnt that Nigerians would pay more to clear their goods at the port because import duties are benchmarked against the dollar.

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