The Central Bank of Nigeria reduces customs rate by 5.3% amidst ongoing appreciation of the Naira in the forex market.

The Nigerian Customs Service (NCS) has adjusted its foreign exchange (FX) rate for customs duties collection, lowering it by 5.3 percent to N1,544.081 per US dollar amid the sustained appreciation of the Naira in the foreign exchange market. According to reports from NaijaEyes, the rate has decreased from N1,605 per USD recorded in February. Data from FMDQ revealed that at the close of trading on Monday, the Naira saw further appreciation to N1,534.19 per USD from its previous rate of N1,548.25.

The country’s customs exchange rate, set by the Central Bank of Nigeria, experienced its sixth increase on February 21. Despite this, the Centre for the Promotion of Private Enterprise (CPPE), through its Director, Muda Yusuf, advocated for the Nigerian Federal Government to fix the exchange rate for import duty at N1,000 per US dollar as a measure to address escalating inflation, which stood at 29.90 percent in January 2024. In response, the CBN issued guidelines to the Nigeria Customs Service, directing them to utilize the foreign exchange closing rate on the date of ‘Form M’ submission by importers for both goods clearance and import duty assessment.

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