See Customs' new exchange rate to clear goods at ports as naira depreciates again

• The Central Bank of Nigeria (CBN) has increased the customs exchange rate for clearing goods at ports
• The new exchange rate is now higher than N1,600 and a 1.14% increase from the previous exchange rate
• Customs duties are taxes and levies imposed on imported goods and are paid through commercial banks

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has increased the dollar exchange rate to calculate customs import duties.

Nigerians to pay more to clear goods at airports, ports Photo credit: Benson Ibeabuchi
Source: Getty Images

According to data from Nigeria’s federal government trading portal, the CBN updated the dollar rate for calculating customs duty rate to N1,618.73 per dollar as of Monday, August 5, 2024.

The new rate represents a 1.14% increase from the previous rate of N1600.36 per dollar on Friday, August 2, 2024.

The new rate reflects the performance of the naira at the Nigerian Autonomous Foreign Exchange Market (NAFEX).

Legit.ng reported that the naira rate closed trading on Friday last week at N1,617.08/$1 compared with the preceding day’s N1,5700.00/$1 as a nationwide protest against hunger continued into the second day.

How customs rate is calculated

Under the central bank’s new directive, Customs will calculate duties based on the exchange rate on the day Form M is submitted.

This adjustment means importers who open Form M on Monday will be charged according to the updated rate.

Form M is a mandatory online documentation process for importing physical goods into Nigeria.

Nigeria customs grounds bank’s aircraft

In related news, Legit.ng reported that the NCS had grounded a private jet belonging to a prominent Nigerian bank.

The move signals the commencement of a clampdown on private jet owners in Nigeria who may have imported them without paying import duties.

It was reported that the private jet owners owe about N1.9 billion in import duties.

The development comes two weeks after the Customs began a one-month verification exercise for private jet owners in Nigeria.

Source: Legit.ng