CBN Reduces Custom Exchange Rates To Clear Goods At Ports

The Central Bank of Nigeria (CBN) has announced a reduction of customs import duties at the nation’s ports.

Customs duties are taxes and levies paid on goods imported into the country.

The duties are paid through a commercial bank to the Nigeria Customs Service, which receives the payment on behalf of the federal government.

According to Data from the federal government trading portal, the CBN has set a new exchange rate to calculate customs import duties.

Nigerian importers will now be charged N1164.843 per dollar for import duty.

The new rate represents a 1.27% reduction from the previous rate of N1,150.16 per dollar.

With the apex bank’s policy that Customs should be using the rate on the date of submitting Form M for calculating duties, the adjustment means that importers opening Form M on Monday, April 29, 2024, for any import trade, will have to look for more money to pay as import duties compared to the importer who opened Form M on Friday, April 26, 2024.

Form M is a mandatory online documentation process for importing physical goods into Nigeria.