CBN Approves 1.9% Reduction in Customs Forex Duty Rate

The Central Bank of Nigeria (CBN) has approved a reduction of 1.9% in the Customs Foreign exchange duty rate for Nigerian seaports.

This news comes as a relief to importers and stakeholders in the industry, who have been facing challenges due to the fluctuating exchange rates and the impact on their business operations.

According to the official trade portal of the Nigeria Customs Service (NCS), the new exchange rate for customs duty payments has been reduced from ₦1, 662.35/$ to ₦1630.159/$.

This change represents a decrease of ₦32.191 on a dollar, which will result in lower import duty fees for goods cleared from the ports.

The reduction in the Customs Forex duty rate is a response to the concerns raised by stakeholders regarding the inconsistent import duty assessment levies.

The CBN has issued a directive to the NCS, advising them to stick to the closing foreign exchange rate in the official window for all import duty calculations.

This will help to stabilize the import duty calculations and provide more certainty for importers and businesses.

While the reduction in the Customs Forex duty rate is a welcome development, stakeholders in the industry have noted that it may not fix all the issues with clearing goods from the Nigerian ports.

They have called on the government to address more pressing concerns, such as the high cost of clearing goods, which has risen by over 40% in the last two months.

As the situation evolves, it is essential for the government, the Central Bank of Nigeria, and the Nigeria Customs Service to continue working together to address the challenges faced by importers and businesses in the country.

By doing so, they can help to create a more conducive environment for trade and economic growth in Nigeria.