CBN slashes Customs FX duty rate by 5.3% as naira stabilizes

The Central Bank of Nigeria (CBN) has further slashed the exchange rate for computing Customs duties at the nation’s seaports by 5.3 percent following the stability in the exchange rate of naira to the dollar.

The Customs FX duty rate was reviewed downward from N1,630.159/$ to N1,544.081/$ on Monday, March 04, 2024, according to information obtained from the official trade portal of the Nigeria Customs Service.

This represents a 5.3 percent reduction when compared to the old rate of N1630.159/$ used as of Friday, March 2, 2024, and a decrease of N86.078 on a dollar needed to clear goods from the port.