Customs to Charge New Rates For Cargo Clearance as CBN Slashes FX to Lowest
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The Nigeria Customs Service (NCS) exchange rate has been revised downwards by the CBN. The Central Bank of Nigeria (CBN) has readjusted the Customs FX rate to N1,260 from the N1,330. In the past three months, the CBN has adjusted the Customs FX rates 28 times, which Customs says affects trade in Nigeria. The new rate for cargo clearance in Nigerian ports is N1,260.49 per dollar, reflecting the closing rate on the official foreign exchange rate window on Friday, April 5, 2024, of N1,255 per dollar. The exchange rate for import duty payments has decreased as the naira continues to appreciate against major currencies in the Forex market. The Customs FX rate peaked at N1,624.7 per dollar and has since declined due to a stronger naira. The head of Customs, Adewale Adeniyi, recently complained that the continuous changes in the exchange rate for duty collection and cargo clearance affect trade in Nigeria. He stated that in Q1 of 2024, the CBN adjusted the FX rates for cargo clearance 28 times.

#Customs #Cbn #FxRates #CargoClearance #Trade #Nigeria

https://www.legit.ng/business-economy/economy/1586851-customs-charge-rates-cargo-clearance-cbn-slashes-fx-lowest/