LEGIT NG
The Central Bank of Nigeria (CBN), on Wednesday, March 13, 2024, reduced the exchange rate for calculating Customs duties at Nigerian ports by 0.76%.
The reduction comes amid the naira’s strengthening against the dollar at the official window on Tuesday, March 12, 2024.
The naira strengthens against the dollar
The Nigerian currency increased by 0.90% against the dollar as the FX supply rose at the official foreign exchange market.
The naira was quoted at N1,603.38 per dollar at the official window on Tuesday, March 12, 2024, better than its trading rate the day before.
Data from NAFEM shows that the naira appreciated at N1,603.38 per dollar.
Importers pay less to clear goods
According to reports, due to the naira’s appreciation, CBN reviewed the Customs duty rate downwards from N1,624 per dollar to N1,612, per information on the Customs trading portal.
The 0.76% slash comes a few hours after the apex bank announced an upward review of the rates.
This means traders and clearing agents will pay N12.419 less than a dollar to have their goods removed from the nation’s ports.
Leadership reports that importers who opened Form M will pay less to clear cargoes as import duties are set on the dollar.
