Importers To Pay More To Clear Goods at Ports From Monday As CBN Adjusts Dollar Rate

• The CBN has again made adjustments in the Customs duty rate for clearing goods at the port and also airport
• The new rates reflect the continued depreciation of the naira in both the official and unofficial markets
• Experts continue to ask the Nigerian government to peg the Customs exchange rate at N1,000/$ to bring down inflation

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 decided to increase the Nigeria Customs duty exchange rate to clear goods at ports to N1,665.91 a dollar.

The new rate represents a 0.88% increase from the previous rate of N1,651.28 per dollar at the end of October.

Naira exchange rate

The new Customs duty exchange rate reflects the current performance of the naira in the foreign exchange markets.

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It is also the first change in Customs' new rate in November 2024.

According to data from FMDQ securities, the naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX), the official market, was closed at N1,666.72/$1 exchange rate on Friday, November 1, 2024.

What is import duty?

Import duty, also known as Customs duty, is a tax collected by customs authorities on behalf of the federal government from importers while clearing goods at the seaport.

The value of the imported goods usually determines the amount to be paid, calculated in foreign currency.

Reacting to the latest changes, a licensed customs clearing agent, Joe Madu, told Legit.ng that the rate makes life difficult for businesses and agents.

"There are so many abandoned containers at the ports, and as agents, we're struggling. When companies don't clear their goods, we lose our source of income to support our families."

Lagos Chamber predicts new exchange rate

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Earlier, Legit.ng reported that the Lagos Chamber of Commerce and Industry (LCCI) predicted that the value of the Nigerian currency would improve against the US dollar.

Gabriel Idahosa, the President of LCCI, gave the prediction when he addressed journalists about the state of the economy in Lagos.

The chamber's president believes this rate is achievable if the CBN reviews the current free-floating exchange rate.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng