CBN Announces New Dollar Exchange Rate for Importers To Clear Goods
- The CBN has once again adjusted the exchange rate used for calculating customs duties for importers
- This is the fourth change in the month of September 2024 and reflects the state of the naira in the forex market
- CBN changes in dollar rate mean the cost of imported goods such as phones, cars, and food items, among others, will remain high
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has increased the dollar exchange rate for Customs duty to clear goods at the nation's ports.
According to data from the federal government trading portal, Nigerian importers will now be charged N1,666.219 per dollar from Thursday, September 26, 2024.
Source: Getty Images
The new rate represents a 0.38% increase from the previous rate of N1,659.83 per dollar.
What is Customs duty?
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 collects them on behalf of the federal government.
According to the apex bank's policy, Customs should use the rate when submitting Form M to calculate duties.
Form M is a mandatory online documentation process for importing physical goods into Nigeria.
The latest adjustment indicates that importers who opened Form M on Thursday will exchange naira for N1,666 per dollar.
Customs rate vs official exchange rate
The current Customs rate reflects the performance of the Nigerian currency in the Nigerian Autonomous Foreign Exchange Market (NAFEM) against the United States dollar.
On Wednesday, September 25, data from FMDQ Securities showed that the naira closed at N1667.42 to the dollar in the official market.
Nigeria Customs grounds bank's aircraft
In related news, Legit.ng reported that the NCS had grounded a private jet belonging to a prominent Nigerian bank.
The move signalled the commencement of a clampdown on private jet owners in Nigeria who may have imported them without paying import duties.
It was reported that the private jet owners owe about N1.9 billion in import duties.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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