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...

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...

Fed Govt Considers Zero Import Duty For Ships, Spare Parts       The federal government may soon announce a zero-import duty on all imported new vessels and spare parts of vessels. The move is aimed at boosting efforts of indigenous shipping firms, said Director General of the Nigerian...

Customs Enforces Zero Duty On Imported Aircraft, Spare Parts       After many deliberations, the Nigerian Customs Service (NCS) has finally begun the implementation of zero surcharges on imported commercial aircraft and spares parts used by local airlines. The Airline Operators of Nigeria (AON), yesterday, confirmed the removal...

Fed Govt Waives N1.3trn In Import Duty, VAT         The Federal Government yesterday, said it has waived import duty and Value Added Tax, VAT, valued at about N1.3 trillion in addition to other incentives in nine years to 2019. The Minister of Finance, Budget and National Planning,...

Import Duty Rises 6% As Customs Begins Application Of New Exchange Rate       Importer and their agents have said that a 5.0 per cent increase is now effected in duty payable on all imports following the implementation of the new exchange rate by the Nigeria Customs...