Customs Announce New Naira Exchange Rate To Clear Goods From US, Europe, China, Others

• The NCS has adjusted its exchange rate for clearing goods at the nation's ports across the country
• The change is intended to reflect the Central Bank of Nigeria's new floating foreign exchange regime
• Nigeria remains an import-dependent country, importing goods from various parts of the world

The Nigerian Customs Service (NCS) has increased the official exchange rate for calculating import duties and levies.

This development means importers will pay more import duty to clear their cargo at the nation's seaports.

The increment recorded resulted from the floating of the naira that allowed market forces to determine the exchange rate of its currency.

Impact of the new exchange rate

The adjustment is expected to increase the value of goods coming into Nigeria.

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Data from the National Bureau of Statistics revealed that in the first six months of 2023, Nigeria imported N11 trillion worth of goods into the country.

The NBS stated that N5.55 trillion was imported from countries worldwide in the first quarter (January to March), and N5.72 trillion was imported in the second quarter (April to June).

Breakdown showed that in the second quarter, the top five partner countries origin of imports to Nigeria were China N1.26 trillion, the United States of America N921.45 billion, Belgium (N460.43 billion), India (N417.77 billion and the Netherlands (N369.69 billion).

Changes in customs exchange rate in five major import countries

Here is the Customs exchange rate for the top five imports according to figures from the federal government's single window trade portal.

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Customs issues fresh orders to private jet owners in Nigeria

Legit.ng earlier reported a claim by the NCS that about 30 private aircraft owners that underwent verification exercise were liable to pay the required duties.

During the exercise in Abuja, NCS's spokesman, Joseph Attah, said some of the aircraft for which the duties should be paid to the federal government were shipped into the country by the Temporary Importation Agreement (TIA), a bond that allows them to bring the jets without payment.

Source: Legit.ng