CBN Raises Customs Duty Rate To N1, 560.511/$.

The Central Bank of Nigeria (CBN) has again raised the exchange rate for calculating Customs duties at the nation’s seaports by 1.1 percent after a few days of stability.
The Customs duty rate was reviewed upwards from N1, 544.081/$ to N1, 560.511/$ on March 6, 2024, according to information on the official trade portal of the Nigeria Customs Service.
The current review by the apex bank represents a 1.1 percent increase in the Customs duty rate and an increase of N16.43 on each dollar needed to clear goods at the port compared to the old exchange of N1, 544.081/$.
With the hike in the Customs duty exchange rate, importers opening Form M today will pay more to clear their goods as import duties are benchmarked against the dollar.