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CBN adjusts FX rate for Customs duty to N1, 515.092/$, 6th time in 2024

Nigeria starts slowly to close huge gap between its FX rates

As the naira continues to weaken against the dollar, the Central Bank of Nigeria (CBN) has raised the exchange rate for calculating Customs duties at the nation’s seaports for the sixth time this year.

Information on Thursday morning’s official trade portal of the Nigeria Customs Service revealed that the rate was reviewed upwards from N1, 481.482/$ to N1, 515.092/$.

Consequently, importers who have pegged their import duty on the previous rate would have to look for more money to pay Nigeria Customs as import duty before taking delivery of their consignments.

This is the sixth exchange rate adjustment the port industry has witnessed this year and the fifth rate adjustment in one week.

Today’s review by the apex bank represents a 2.27 percent rise in Customs duty and an increase of N33.61 compared to the previous rate of N1, 481.482/$.

It is still below the official CBN exchange rate of N1, 517.20/$ with an N2.108 margin as of the morning of Thursday, February 15, 2024.

BusinessDay reports that on February 2, the CBN adjusted the exchange rate for calculating import duties from N951.941/$ to N1, 356.883/$; on February 3, it was raised to N1, 413.62/$ and on February 10 it was raised to N1, 417.635/$.

Also, on February 12, the exchange rate was reviewed upward to N1, 444.56/$; on February 14, the rate was raised to N1, 481.482/$ and today February 15, it has been moved to N1, 515.092/$.

Tony Anakebe, a licensed Customs agent, confirmed to BusinessDay that the new rate has taken effect since Thursday morning.