CBN increases customs exchange rate by 2.1%

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The Central Bank of Nigeria (CBN) has raised the exchange rate used to calculate Customs duties at the nation’s seaports by 2.1%.

This adjustment comes after a recent decrease in the Customs exchange duty rate. The new rate, set at N1,330.26/$, replaces the previous rate of N1,303.8/$.This increase means that importers opening Form M for importation as of Tuesday, April 2, will need to allocate more funds to pay import duties compared to those who opened Form M before March 29.

The change reflects the CBN’s directive for Customs to use the exchange rate on the date of submitting Form M for duty calculations. Industry experts like Tony Anakebe have criticized the CBN for allowing the fluctuation of exchange rates, stating that it creates challenges for importers in planning their finances.

Source: Business Day

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