Again, CBN raises Customs import duty rate to N1, 481/$1

The Central Bank of Nigeria (CBN) has increased the exchange rate for Nigeria Customs Service (NCS) import duty rate at the nation’s seaports.

The rate was reviewed upward on Wednesday morning from N1, 444.56/$ to N1, 481.48/$1, according to information obtained from the official trade portal of the NCS.

For the British Pound, the exchange rate was increased from N1,824.19/£1 to N1,871.40/£1 while it was upwardly reviewed from N1,556.08/€1 to N1,598.51/€1 for the Euro.

This is the fifth time the apex bank has increased the rate this year.

The exchange rate was raised from N951.941/$1 to N1, 356.883/$1 on February 2.

READ ALSO: For the 4th time in 10 days, CBN raises import duty rate, now N1,444.56/$1

It was reviewed upward to N1, 413.62/$1 on February 3 and N1, 417.63/$1 last Saturday before it was raised to N1, 444.56/$1 on Monday.

On June 24, 2023, the CBN adjusted the exchange rate from N422.30 /$1 to N589 /$1 and to N770.88 /$1 on July 6, 2023.

It was increased to N783.174/$1 in December 2023.

This development means importers will be paying more to clear their goods as import duties are benchmarked against the dollar.

By: Babajide Okeowo

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