The Nigeria Customs Service (NCS) has significantly reduced the exchange rate for cargo clearance and import duties collection from N1,572.5/$ to N1,448.38/$. This marks a decrease of N124.12 from the previous rate and aligns with the prevailing exchange rate on the Central Bank of Nigeria’s (CBN) official window, where the naira closed at N1,431 to the USD last week.
Over the past two weeks, the exchange rate for import duties payment on the customs portal has steadily declined, reflecting the strengthening of the naira in the foreign exchange (FX) market. The exchange rate for cargo clearance reached its peak at N1,624.7/$1 on March 12, 2024, before gradually decreasing to the current figure.
The customs had earlier announced that the exchange rate for cargo clearance would be in line with the CBN’s official rate. This reduction in the exchange rate by the NCS is expected to positively impact businesses involved in importation by lowering the cost of clearing goods and paying import duties.
Source: Daily Trust