CBN Slashes Customs FX Duty Rate by 5.3% Amid Naira Stability

In a move reflecting the stability of the Nigerian naira against the dollar, the Central Bank of Nigeria (CBN) has implemented a 5.3% reduction in the exchange rate used for computing Customs duties at the nation’s seaports. The Customs FX duty rate has been adjusted from N1,630.159/$ to N1,544.081/$, effective from Monday, March 4, 2024.

This revision marks a significant decrease from the previous rate of N1,630.159/$, which was applicable as of Friday, March 2, 2024. The adjustment translates to a reduction of N86.078 on each dollar required for clearing goods at the port.

The decision to lower the Customs FX duty rate aligns with the CBN’s response to the relative stability observed in the exchange rate of the naira against the US dollar. This move is expected to have positive implications for importers, potentially easing the financial burden associated with Customs duties.

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The reduction in the exchange rate comes as part of the CBN’s ongoing efforts to manage currency dynamics and support economic activities. As the naira stabilizes, these adjustments aim to create a conducive environment for trade and contribute to the overall economic resilience of the country.

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