Once again, the Central Bank of Nigeria (CBN) has raised the exchange rate used for computing customs duties at the seaports across the nation.
As per information from the official trade portal of the Nigeria Customs Service, on Monday, February 12th, the exchange rate saw an upward adjustment from 1,417.635 Naira per US dollar to 1,444.56 Naira per US dollar.
Platform Reporters have learned that this adjustment signifies a 1.9 percent increase in the Customs duty rate on Monday.
This alteration marks the fourth adjustment made by the apex bank to the rate this year.
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Consequently, importers and manufacturers relying on the country’s seaports for essential production materials will now face higher expenses to facilitate the customs clearance of their goods, as import duties will align with the dollar’s value.
Moreover, this adjustment reflects a rise of N26,925 and a percentage increase of 1.9 percent, which remains below the official CBN exchange rate of N1,481.982/$ as of Monday morning, February 12, 2024.