CBN slashes Customs FX duty rate

The Central Bank of Nigeria (CBN) has announced a 5.3% reduction in the exchange rate for calculating Customs duties at the country’s seaports.

This decision comes against the backdrop of a stabilized exchange rate between the naira and the dollar.

Effective Monday, March 4, 2024, the Customs FX duty rate has been revised downward from N1,630.159/$ to N1,544.081/$, as confirmed by information sourced from the official trade portal of the Nigeria Customs Service.

This adjustment translates to a significant 5.3% decrease compared to the previous rate of N1,630.159/$ recorded as of Friday, March 2, 2024.

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Importantly, it also signifies a reduction of N86.078 on every dollar required for clearing goods at the port.

The decision by the CBN to lower the Customs FX duty rate reflects a proactive measure taken in response to the recent stability observed in the exchange rate of the naira against the dollar.

This adjustment is poised to have far-reaching implications for importers and stakeholders involved in trade activities at the nation’s seaports.

As the Nigerian economy continues to navigate through various challenges, this move by the CBN aims to mitigate the financial burden on importers and enhance the ease of doing business within the country’s maritime sector.

Moreover, it underscores the government’s commitment to fostering a conducive environment for trade and commerce while ensuring the efficient clearance of goods at the ports.

The reduction in the Customs FX duty rate is expected to provide relief to businesses engaged in importation activities, contributing to overall economic stability and growth.

It is a testament to the regulatory measures being implemented to support businesses and promote sustainable economic development in Nigeria. [GWG]