CBN Raises Customs Duty Exchange Rate To N1, 493.23/$ Despite Previous Slash

Taiwo Ajayi
2 Min Read

Just a day after reducing the rate, the Central Bank of Nigeria (CBN) increased the exchange rate for computing Customs duties at the nation’s seaports by 1.4 percent on Saturday morning.

According to information on the official trade portal of the Nigeria Customs Service, the Customs duty rate was adjusted upwards from N1,472.756/$ to N1,493.23/$ on February 17, 2024.

This adjustment marks a 1.4 percent increment in the Customs duty rate, with an increase of N20.474 compared to the previous exchange rate.

AIHS 2024
AIHS 2024

The move comes despite the House of Representatives’ directive urging the apex bank to stabilize the rate by keeping the exchange rate for Customs and excise duties below N1,000/$1 and proposing a peg of N951.941/$1.

The House believed that lowering the rate would stimulate patronage in Nigerian ports, curb inflation, and enhance economic stability.

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However, the decision to raise the Customs duty exchange rate implies that importers will face higher costs to clear their goods, as import duties are tied to the dollar.

The new rate aligns with the official CBN foreign exchange rate, which stood at N1,493.73/$ as of Saturday morning, in accordance with the announcement by the Customs management.

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Adewale Adeniyi, Comptroller General of the Nigeria Customs Service (NCS), had earlier stated that the Service would strictly adhere to the exchange rate on the official Central Bank’s window for the clearance of imported goods, refraining from arbitrary adjustments.

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