New Exchange Rate To Clear Goods at Ports As Customs Enforces 4% FOB Charge
- The Central Bank of Nigeria has adjusted the Customs exchange rate for clearing goods at the nation's ports and airports
- The latest data shows that the new exchange rate represents a slight increase from the previous rate
- The import duty exchange rate reflects the performance of the naira in the official foreign exchange market
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Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.
The Central Bank of Nigeria (CBN) has increased the dollar exchange rate for importers to clear goods from the nation’s air and seaports.
According to data from the federal government trade portal, the customs exchange rate for clearing goods is N1,498.64 a dollar from Thursday, February 6.
Source: Getty Images
The new rate represents an increase when compared to the N1,477.72 a dollar it stood on Monday, February 3.
The adjustment of the Customs exchange rate reflects the naira's current exchange rate level in the Nigerian Autonomous Foreign Exchange Market.
The value of the naira against the US Dollar closed at the N1,500 exchange rate on Thursday in the official market.
NCS enforces 4% charge
Meanwhile, the Nigeria Customs Service (NCS) has commenced the enforcement of a 4% charge on the Free On-Board (FOB) value of imports, as mandated by the Nigeria Customs Service Act (NCSA) 2023.
Abdullahi Maiwada, national public relations officer (PRO) announced the implementation in a statement issued on Wednesday in Abuja, stating that the measure aligns with legal provisions and is aimed at enhancing customs operations.
“In line with Section 18 (1) of the NCSA 2023, the NCS is implementing a 4% charge on the Free On-Board (FOB) value of imports,.
"This charge, calculated based on the value of imported goods including the cost of goods and transportation expenses up to the port of loading is crucial for ensuring the effective operation of the service.”
He also addressed concerns regarding the 1% Comprehensive Import Supervision Scheme (CISS) fee, emphasising its regulatory purpose.
Maiwada stated:
“The NCS acknowledges stakeholders’ concerns regarding the continued collection of the 1% CISS fee,"
"This fee is a regulatory charge used to fund Nigeria’s Destination Inspection Scheme, alongside the 4% FOB charge.”
NCS spokesman further urged all stakeholders to comply with the directive, noting that the decision was made after extensive consultations with industry players and regulatory bodies.
He added.
“All stakeholders are encouraged to support this legally binding initiative."
Customs announces number of job applications received in a week
Legit.ng reported that in Nigeria Customs' recent job opening, it received an overwhelming 573,519 applications for just 3,927 job positions in its 2024/2025 recruitment exercise, reflecting intense competition for these roles.
The high level of interest shows the keen competition for positions within the NCS following the federal government’s approval of the recruitment of 3,927 officers, as confirmed by Finance Minister Olawale Edun.
Maiwada, the NCS PRO, disclosed the breakdown of applicants across various categories:
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Source: Legit.ng
