CBN Slashes Import Duty Forex Rate
The Central Bank of Nigeria (CBN) has further reviewed downward the Customs Foreign Exchange duty rate from N1,630.159/$ to N1,544.081/$ on Monday, March 04, 2024.
The slash which represents 5.3 percent follows the stability in the exchange rate of naira to the dollar.
According to information on the official trade portal of the Nigeria Customs Service, the Customs Foreign Exchange duty rate was reviewed downward from N1,630.159/$ to N1,544.081/$ on Monday, March 04, 2024,
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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.
The exchange rate was moved from N951.941/$1 to N1, 356.883/$1 on February 2 and was again reviewed upwards on February 3 to N1, 413.62/$. Last Saturday, the rate was changed again to N1,417.635/$ before it was raised on Monday to N1,444.56/$1.
The worrisome development has stifled import activities at various seaports and land borders with the thousands of containers and vehicles abandoned as their owners have not been able to raise the huge sums of money required to clear them.
The exchange rate rose from N422.30 per $1 in June 2023 to N1,413 per 1$ in February 2024, rising by 234.8 per cent in the period under review.
