BREAKING: CBN Increases Customs Exchange Rate To Clear Goods at Ports, Airports

• The CBN has announced new customs duty rates for importers to clear goods at the nation's ports
• The latest rates reflect the current performance of the naira in the official foreign exchange markets
• With the new exchange rate, the cost of foreign goods will be more expensive in Nigerian markets

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.

For the first time in 24 days, the Central Bank of Nigeria (CBN) has adjusted the exchange rate used for customs duties to clear goods at ports and airports.

Customs duty, also known as import duty, refers to the taxes and levies paid on goods imported into the country.

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The duties are paid through a commercial bank to the Nigeria Customs Service, which receives on behalf of the federal government.

Customs new exchange rate

According to data from the federal government trading portal, Nigerian importers will be charged N1,564.92 per dollar for import duty on Thursday, September 19, 2024.

The new rate represents a 1.85% reduction from the previous rate of N1564.92 per dollar.

The last time the Central Bank of Nigeria changed the Customs duty rate was August 20, 2024.

Naira exchange rate

The new customs exchange rate is now higher than the naira closing rate in the official market at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Legit.ng reported that on Wednesday, September 18, the naira closed at N1,539.65/$1 in the official market.

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Muda Yusuf wants N1,000/$ exchange rate

Earlier, Legit.ng reported that the Centre for the Promotion of Private Enterprise (CPPE) called on the CBN to peg the Customs duty rate to N1000/$ to ease the current hardships in the country.

Chief executive officer of CPPE, Dr Muda Yusuf, who made the call, believes that a significant policy adjustment is necessary to complement current measures to address the country's ongoing cost-of-living crisis.

The renowned economist emphasised that adopting a lower exchange rate would help stabilise the price of goods in the market.

Source: Legit.ng