The currency rate that is used to calculate customs taxes at all of the country’s seaports has once again been hiked by the Central Bank of Nigeria (CBN).
According to data sourced from the Nigeria Customs Service’s official trade portal, the exchange rate had an upward adjustment on Monday, February 12th, rising from 1,417.635 Naira to $1,444.56 Naira.
Platform Reporters have been informed that this change will result in a 1.9% increase in the rate of customs duties on Monday.
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This is the fourth time this year that the apex bank has changed the rate.
Because import duties will be based on the value of the dollar, importers and manufacturers that depend on the nation’s seaports for vital production supplies will now have to pay more to have their items cleared by customs.
Additionally, this adjustment represents a N26,925 increase as well as a 1.9 percent percentage increase; nevertheless, as of Monday morning, February 12, 2024, the actual CBN exchange rate is N1,481.982/$.
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