Good News: Customs Slashes Exchange Rate To Clear Goods at Ports, Airports
- The Central Bank of Nigeria has once again adjusted the exchange rate for Nigeria Customs import duty
- Although the rate is still above N1,600, it reflects the improvement of the Nigerian currency in the official foreign exchange markets
- Naira in the past few days, there has been an improvement in the naira's value in the official foreign exchange market
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 exchange rates for cargo clearance at the nation's seaports and airports.
According to information on the official trade portal of the Nigerian Customs Service (NCS), the Nigeria Customs duty rate now stands at N1637.692 a dollar as at Monday, September 30, 2024.
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The new rate reflects a slight reduction from N1,666.219 per dollar on Friday, September 27, 2024.
It also indicates that September was not a good month for importers as the customs duty rate increased by 6.07% in September, starting at N1,564.92 per dollar at the beginning of the month.
How customs determine exchange rate
In a recent report, Abdullahi Maiwada, the Nigerian Customs Service (NCS) spokesperson, clarified that the CBN, not market forces, determines the exchange rates for import duty collection.
He pointed out that importers conduct their transactions in dollars, necessitating the acquisition of "Form M" from the CBN.
Maiwada also explained that the NCS collects duty on imported items using the prevailing exchange rate for calculations, while exporters use the Nigerian Export Proceed (NXP) form to repatriate their earnings.
Naira to dollar exchange rate
Meanwhile, data from the FMDQ securities data shows that in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is also the official market, showed that the naira depreciated against the US dollar to N1541.94/$ Monday, September 30, 2024.
Nigeria Customs grounds bank's aircraft
In related news, Legit.ng reported that the NCS had grounded a private jet belonging to a prominent Nigerian bank.
The move signalled the commencement of a clampdown on private jet owners in Nigeria who may have imported them without paying import duties.
It was reported that the private jet owners owe about N1.9 billion in import duties.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
