CBN reduces Customs FX duty rate by 5.3% as naira stabilies

Our reporter/ The Central Bank of Nigeria (CBN) has reduced Customs FX duty rate by 5.3% to N1,544.081/$ due to stable naira-to-dollar exchange.

This marks an N86.078 decrease from the previous rate.

The Customs FX duty rate was reviewed downward from N1630.159/$ to N1, 544.081/$ on Monday, March 04, 2024, according to information obtained from the official trade portal of the Nigeria Customs Service.

This represents a 5.3 percent reduction when compared to the old rate of N1630.159/$ used as of Friday, March 2, 2024, and a decrease of N86.078 on a dollar needed to clear goods from the port.

The apex bank last week, issued a new directive to Customs to use the rate on the date of submitting Form M for calculating import duties.

With the slash, importers opening Form M today Monday, March 4, 2024, for import trade, will have a little relief in terms of the money that would be used to pay import duties compared to the importer who opened Form M last week.