24 hours after slashing the rate, CBN Again Hikes Import Duty Rate To N1,493.23/$1

The Central Bank of Nigeria (CBN) has raised the exchange rate used for computing Customs duties at the nation’s seaports by 1.4%. The rate is now benchmarked against the exchange rate of the Naira to the dollar and will be subject to constant changes unless the federal government decides to peg it.

The Customs duty rate has been increased from N1,472.756/$ to N1,493.23/$ as of February 17, 2024, according to the official trade portal of the Nigeria Customs Service.

This represents an increase of 1.4% and a difference of N20.474 compared to the previous exchange rate. The House of Representatives had directed the apex bank to maintain the exchange rate for Customs and excise duties at below N1,000/$1 and proposed that the Customs duty rate be pegged at N951.941/$1, which is in contrast to the recent increase.

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They believed that reducing the rate would encourage patronage in Nigerian ports, prevent galloping inflation, and boost economic stability.