CBN Increases Customs Exchange Duty Rate by 2.1%


Following a brief period of reduced Customs exchange duty rates, the Central Bank of Nigeria (CBN) has implemented a 2.1 percent increase in the exchange rate used for computing Customs duties at the nation’s seaports.

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The Customs FX duty rate was adjusted from N1,303.8/$ to N1,330.26/$ on Tuesday, April 2, as disclosed by the official trade portal of the Nigeria Customs Service.

This upward revision represents a 2.1 percent increment compared to the previous rate of N1,303.8/$, which was in effect as of Friday, March 29.

Consequently, importers initiating Form M on Tuesday, April 2, will need to allocate more funds to pay import duties compared to those who opened Form M on Friday, March 29.

The CBN’s directive stipulates that Customs should utilize the exchange rate prevailing on the date of Form M submission for calculating import duties.

This adjustment comes amidst recent fluctuations in the naira’s value, with the currency appreciating in both official and parallel markets due to consistent dollar supply to Bureau De Change operators.

While the naira strengthened to N1,225 per dollar on the black market on April 2 and closed at N1,309.39/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window on March 28, the Customs FX duty rate had been on a downward trajectory over the past two weeks, reflecting the naira’s appreciation.

Industry expert Tony Anakebe criticized the CBN for allowing such fluctuations in the exchange rate for clearing goods at the port, noting the challenges it poses for importers in planning and decision-making.

Peter Okafor
Peter Okafor
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