BREAKING: CBN Raises Nigeria Customs Duty Exchange Rate To N1658.87/$—The Central Bank of Nigeria (CBN) has adjusted the Customs duty exchange rate for clearing goods at the nation’s ports to N1,658.87 per dollar.
This change, effective Monday, November 18, reflects a 0.37% increase from the previous week’s rate of N1,652.63 per dollar, impacting importers filing Form M applications.
Customs duty, which is the tax levied on imported goods, is paid through commercial banks to the Nigeria Customs Service on behalf of the federal government.
Form M, a mandatory document for importers, is required for all goods entering Nigeria.
The increasing Customs exchange rate poses significant challenges for Nigeria’s import-dependent economy.
According to the Nigerian Port Consultative Council (NPCC), the first half of 2024 witnessed a 4.3% decline in the number of ships arriving at the country’s seaports.
The Centre for the Promotion of Private Enterprise (CPPE) has called on the Central Bank of Nigeria (CBN) to reduce the Customs duty exchange rate to N1,000 per dollar to alleviate economic hardships in the country.
The Chief Executive Officer of CPPE, Dr. Muda Yusuf, emphasized the need for a major policy adjustment to complement existing measures aimed at addressing Nigeria’s ongoing cost-of-living crisis.
According to the economist, pegging the rate at N1,000 per dollar would help stabilize market prices and provide relief to businesses and consumers.
