Calm at Ports As Customs Exchange Rate To Clear Goods Remains Unchanged for 5 Days

• The CBN has not yet made adjustments to customs duty rates for importers to clear goods at the nation's ports for five days
• This is different from the norm when the CBN makes changes almost daily to reflect the naira's performance in official markets
• Nigerians are still hoping that the apex bank will reduce the current rate for customs duty to bring down the cost of foreign goods

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) Customs exchange rate to clear goods at the ports have remained at N1,564 a dollar.

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 receives on behalf of the federal government.

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Customs new exchange rate

According to data from the federal government trading portal, the last time the rate was changed was on Thursday, August 22, 2024.

Muda Yusuf wants N1,000/$ custom rate

Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise(CPPE), has urged the CBN to change its policy on the Customs import duty rate to clear goods at ports.

Yusuf, the CEO of CPPE, told Legit.ng that it is important that the CBN review its policy and peg the exchange rate at N1,000/$.

He believes that a significant policy adjustment is necessary to complement current measures to address the country's ongoing cost-of-living crisis.

His words:

"The high and volatile exchange rate for import duty assessment is fueling the already high inflation, increasing production and operating costs for manufacturers and other businesses, worsening the cost-of-living crisis, putting maritime sector jobs and investments at risk and weakening investors’ confidence.

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CBN slashes Customs Duty dollar exchange rate to clear goods at ports

"In the light of this, the CPPE is reiterating its appeal to the presidency to peg the customs duty exchange rate at N1000/$ for the next six months in the first instance through an Executive Order.

"This resonates with the current federal government’s commitment to alleviating the current hardships on the citizens and the burden on businesses.

FG begins duty-free import of rice, others

Legit.ng earlier reported that the Nigerian government has already started implementing the 150-day duty-free imported window directed by President Bola Tinubu.

The move will allow Nigerians to import essential food items into the country to tame the rising food inflation.

According to the Nigerian Customs Service, the Nigerian government will forfeit about N187 billion on import duty during the policy period.

Source: Legit.ng