Customs Announces 30 Days Free Clearance as CBN Adjusts Rate to Clear Goods After Dollar Crashes
- The new guidelines released by the Nigeria Customs Service noted that commodities can only be held at ports across the nation for a maximum of 30 days
- The actions are meant to enhance trade facilitation in line with the federal government's Ease of Doing Business initiatives
- Assistant Comptroller of Customs said the new rule will speed up clearance processes, eliminate port congestion, and minimise disputes
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Legit.ng journalist Zainab Iwayemi has 5 years of experience covering the Economy, Technology, and Capital Market.
The Nigeria Customs Service (NCS) has issued new guidelines that limit the amount of time goods can remain at ports around the country to 30 days.
Source: UGC
In keeping with the federal government's ease of doing business efforts, the measures are intended to improve trade facilitation.
The NCS announced new rules governing the stay duration for import and export shipments at port terminals in a statement signed by Assistant Comptroller of Customs Abdullahi Maiwada, the agency's spokesperson.
According to Maiwada, the new rules are intended to reduce port congestion, expedite clearance procedures, and lessen disagreements over the handling of overtime goods.
“Pursuant to the Nigeria Customs Service Act (NCSA) 2023, the Service is reinforcing the provisions that mandate the clearance of imported consignments within 30 days of the discharge of the importing carrier or within a timeframe prescribed by the Service, as outlined in Section 30(1).
“Additionally, Section 149(1) empowers the Service to establish time limits for cargoes to leave the customs territory. These guidelines aim to ensure compliance, eliminate undue delays, and maintain order at port terminals while providing importers and exporters sufficient time for cargo clearance.
“To improve efficiency, all consignments will benefit from a 30-day grace period from the date of arrival at the port, free of overtime clearance constraints. Any cargo remaining uncleared after 30 days will be classified as ‘overtime’ but can still be cleared within an additional 30 days upon application and approval by the relevant Customs Area Controller (CAC),” the statement reads in part.
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) adjusted the Nigeria Customs Exchange rates for cargo clearance.
The apex bank adjusted the rates following the crash of the US dollar and the naira’s three-day gains in the official and parallel markets.
Data from the Customs trade portal showed that the current rate was relatively higher than the naira’s rate in the official window.
According to the data, CBN said importers opening Form M from Wednesday, January 29, 2025, will pay N1,526.86 per dollar to clear their cargoes.
The development comes as the naira rebounded massively against the US dollar in the official market on Tuesday, January 28, 2025, after the CBN launched the FX code to enhance market transparency.
This is the third day in less than a week that the naira will show strength against the US dollar, which has declined for 12 months due to Donald Trump’s policies.
Expert sends urgent message to CBN
Legit.ng reported that Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), urged the Central Bank of Nigeria (CBN) to change its policy on the Customs import duty rate to clear goods at ports.
The CBN had earlier directed customs and related parties to adopt the closing rate in the official foreign exchange (FX) window for import duty.
According to the CBN, the FX rate at the point of importation should be used for import duty assessment until the termination date and clearance are finalised.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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Source: Legit.ng
