CBN Reduces Customs Exchange Rate To Clear Goods At Ports, Airports After Eid-El-Kabir Holidays

• Importers in Nigeria will need to pay a new exchange rate to clear goods after the Eid-el-Kabir celebration
• The Central Bank of Nigeria (CBN) adjusted the customs duty rate that will be used at ports and airports
• The ports and the airport will be closed on Monday, June 17, and Tuesday, June 18, for the public holidays

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 reduced the rate to calculate customs import duties at the nation's ports and airports.

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

New data published on the federal government trading portal indicates that Nigerian importers will pay N1,474.09 per dollar to clear goods.

The new rate represents a 0.24% decrease from the previous rate of N1,477.64 per dollar on Friday, June 14, 2024.

This adjustment means importers who open Form M on Wednesday, June 19, 2024, will be charged according to the updated rate.

Form M is a mandatory online documentation process for importing physical goods into Nigeria.

Under the CBN's new directive, Customs will calculate duties based on the exchange rate on the day Form M is submitted.

Customs rate reflects naira performance

The new Customs duty rate reflects the naira exchange rate in the official market.

FMDQ Securities data shows that the value of the naira closed strong against the dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

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Naira depreciates against dollar in official, black markets amid Eid-el-Kabir celebrations

Legit.ng reported that the naira fell on Friday by 0.44%, or N6.48, to close at N1,482.72/$1, in contrast to the previous N1,476.24/$1.

The official market will resume on Wednesday after the public holiday.

Peter Obi on new Customs exchange rate

Earlier, Legit.ng reported that the Central Bank of Nigeria adjusted the Nigeria Customs Service foreign exchange rate to clear imported goods at Nigerian ports.

Peter Obi reacted to the latest changes and expressed concerns that they could lead to the death of many businesses.

He further advised the government on actions to help the naira recover against the US dollar.

Source: Legit.ng