CBN Increases Customs Exchange Duty Rate by 2.1%

Date:

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.

Thank you for reading this post, don't forget to subscribe!

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 Okaforhttp://Naija247news.com
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

Share post:

Subscribe

Popular

More like this
Related

Sorry, but Iran is not the aggressor here

On Saturday, April 13, Iran launched hundreds of drones...

Iran warns Israel, US of ‘severe response’ in case of retaliation

Iran has warned Israel of a larger attack on...

“We’ll ensure APC remains party of choice in Ondo, other S/W states,” says Sanwo-Olu.

Sanwo-Olu Vows to Uphold APC Dominance in Ondo and...

“Osun State Govt Deploys Heavy Security Amid Yoruba Nation Invasion Fears”

Osun State witnessed a significant presence of security personnel...
Social Media Auto Publish Powered By : XYZScripts.com