Good News as Customs Slashes Exchange Rate To Clear Goods at Ports

The Central Bank of Nigeria (CBN) has reduced the exchange rates for cargo clearance at the nation’s seaports and airports.

According to information on the official trade portal of the Nigerian Customs Service (NCS), the Nigeria Customs duty rate now stands at N1637.692 a dollar as at Monday, September 30, 2024.

The new rate reflects a slight reduction from N1,666.219 per dollar on Friday, September 27, 2024.

It also indicates that September was not a good month for importers as the customs duty rate increased by 6.07% in September, starting at N1,564.92 per dollar at the beginning of the month.

In a recent report, Abdullahi Maiwada, the Nigerian Customs Service (NCS) spokesperson, clarified that the CBN, not market forces, determines the exchange rates for import duty collection.

He pointed out that importers conduct their transactions in dollars, necessitating the acquisition of “Form M” from the CBN.

Maiwada further explained that the NCS collects duty on imported items using the prevailing exchange rate for calculations

While exporters use the Nigerian Export Proceed (NXP) form to repatriate their earnings.