The Nigerian Customs Service (NCS) has implemented a 1.59 percent increase in the foreign exchange rate for its tariffs and duties, raising it from N770/$ to N783.174/$, as reflected on the federal government’s single window trade portal.
This adjustment by Customs, effective as of Sunday, impacts various customs duties levied on imports, with rates ranging from 5 percent to 35 percent, assessed based on the prevailing harmonised commodity and coding system (HS code).
Last month, the Central Bank of Nigeria (CBN) lifted the ban on 43 items previously restricted from accessing forex.
Consequently, the cost of clearing goods, including the newly accessible 47 items, at Nigerian ports has surged.
The ripple effect is seen in the forex market, where the naira experienced a 13.95 percent depreciation, closing at N996 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official exchange rate window.
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However, in the parallel market, the naira exhibited a contrasting trend, appreciating by 14.81 percent to close at N1,150 per dollar on Thursday, up from N1,135 a dollar on Wednesday.
These fluctuations indicate the dynamic nature of Nigeria’s foreign exchange landscape and its impact on both official and parallel markets.