The Central Bank of Nigeria (CBN) has once again adjusted the exchange rate used for calculating Customs duties at the country’s seaports, introducing a 1.1 percent increase. This revision, effective from March 6, 2024, sees the Customs duty rate climb from N1,544.081\/$ to N1,560.511\/$, as disclosed on the official trade portal of the Nigeria Customs Service. The latest adjustment translates to a 1.1 percent surge in the Customs duty rate, resulting in an additional N16.43 on each dollar required for goods clearance at the port compared to the previous rate of N1,544.081\/$.<\/p>\n
This alteration in the Customs duty exchange rate implies that importers initiating Form M procedures will now face higher costs for clearing their goods, as import duties are directly tied to the dollar. The exchange rate for the clearance of goods at the port is a pivotal policy with profound implications for international trade in Nigeria. Its stability significantly influences trade volume, prices, investments, and aids businesses in strategic planning.<\/p>\n
The ongoing fluctuation in the Customs duty rate is attributed to the current floating naira policy, a measure implemented by the CBN since the commencement of economic reforms in June 2023. Unfortunately, this policy has contributed to the continued depreciation of the naira, causing instability in the Customs duty rate. Notably, experts have criticized the practice of allowing the Customs duty rate for cargo clearance to fluctuate, emphasizing its adverse economic impact on businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of Nigeria (CBN) has once again adjusted the exchange rate used for calculating Customs duties at the country’s seaports, introducing a 1.1 percent increase. This revision, effective from March 6, 2024, sees the Customs duty rate climb from N1,544.081\/$ to N1,560.511\/$, as disclosed on the official trade portal of the Nigeria Customs […]<\/p>\n","protected":false},"author":25,"featured_media":22162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-22158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/22158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=22158"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/22158\/revisions"}],"predecessor-version":[{"id":22178,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/22158\/revisions\/22178"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/22162"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=22158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=22158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=22158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}