Customs FX Rate For Import Duties Drops Again To N1,147/$ 

The Nigeria Customs Service (NCS) has again slashed the foreign exchange (FX) rate for calculating import duties from N1,238.1 to N1,147.02 per dollar.

This represents a 7.3 percent decrease compared to N1,238.1/$ sighted by Prime Business Africa on the single window trade portal of the Federal Government on Thursday, 18 April 2024.

The new rate which was adopted by customs on Friday, fell below the official foreign exchange rate, which closed at N1,154/$ on April 18 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

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Prime Business Africa reported that the Customs duty rate dropped by 23.8 per cent in one month following the recent appreciation of the naira in the foreign exchange market.

This rise in the value of had the naira comes amid the Central Bank of Nigeria’s sustained effort to combat inflation and stabilise the local currency.

The drop in Customs Duty means a further reduction of the burden on importers, who pay more when the rate goes up as a result of the depreciation of the naira.