Respite appears on the way for Nigerians as prices of imported goods and raw materials are expected to drop following Monday’s downward review of the Foreign Exchange by the Central Bank of Nigeria (CBN) on the clearance of cargoes at the nation’s seaports.
The Central Bank of Nigeria slashed the exchange rate for computing Customs duties at the nation’s seaports by 5.3 percent following the stability in the exchange rate of the Naira to the US dollar.
The Customs FX duty rate was reviewed downwards from N1,635.15 to One US dollar, to N1,544.08 to the US dollar on Monday.
This is according to information obtained from the official trade portal of the Nigeria Customs Service.
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The review represents a 5.3 percent reduction when compared to the old rate used as of Friday, 2nd of March, 2024, and a decrease of about N86.00 on a dollar needed to clear goods from the Nigerian Ports.
The Central Bank of Nigeria had also in February reviewed the formula for fixing Foreign Exchange (FX) rates for Customs duty on importation through a memo from the Director, Trade and Exchange Department of the CBN, Dr. Hassan Mahmud, to the Nigeria Customs Service.
(Editor: Ken Eseni)
