CBN Increases Customs Duty By 0.28% — REPORTS
The CBN has raised the exchange rate that is applied when determining customs charges at the nation's seaports.
The exchange rate was positively adjusted on Monday, February 12th, from 1,417.635 Naira per US dollar to 1,444.56 Naira per US dollar, according to data from the Nigeria Customs Service's official trade portal.
There has been a 1.9% increase in the customs duty rate today. With this modification, the rate has changed four times already this year by the central bank.
Consequently, import duties will be based on the value of the dollar, meaning that manufacturers and importers who depend on the nation's seaport to import necessary production materials will have to pay more to have their goods cleared by customs.
Additionally, it shows an increase of N26,925 and a percentage increase of 1.9 percent, which is less than the N1,481.982/$ official CBN exchange rate as of Monday morning, February 12, 2024.
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