Customs Import Duty Rate Falls To N1,238/$

Customs Import Duty Rate Falls To N1,238/$

The Central Bank of Nigeria has further adjusted the foreign exchange rate for Customs import duties downwards to N1,238/1$ on Wednesday.

The latest download adjustments represents a 6.8 percent drop compared to N1,246.66/$ displayed on April 8.

It fell below the official foreign exchange rate, which closed at N1,248.5/$ on April 9 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The latest development in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.

Recall that on April 8, the apex bank announced the sales of forex to the bureau de change (BDC) operators at the rate of N1,101/$.

To further strengthen the CAN  also directed all banks to stop the use of foreign currency-denominated collaterals for naira loans.

Recall also that the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), through its President, Dele Oye recently said that the Customs rate for import duties should be charged in naira rather than in dollars.