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...

Economic Hardship: Customs Set to Distribute Seized Food Items The Nigeria Customs Service (NCS) says it has concluded plans to commence the direct distribution of seized food items to Nigerians. The National Public Relations Officer of the service, Abdullahi Maiwada disclosed this in a statement on...

Frequent FX Rate Adjustment, 48.5% Customs Duty Increasing Production Cost The recent 48.5 percent hike in customs duty by the Central Bank of Nigeria (CBN), through the upward adjustment of the exchange rate for calculating import duties, is expected to push up production costs for...

Motor Vehicle Imports, Others Record Extensive Decline As naira continues to depreciate, Nigeria’s motor vehicle imports recorded a massive 32 per cent decline in 2023 with total imports through the Nigerian ports at 132,293 units, from 194,550 recorded in 2022. Findings from the Nigerian Ports Authority...

You'll Lose your Investments in Crime - NDLEA, NCS Heads Tell Drug Barons Chairman of the National Drug Law Enforcement Agency, NDLEA, Brig. Gen. Mohamed Buba Marwa (Retd) and the Comptroller General of the Nigeria Customs Service, Bashir Adewale Adeniyi, have commended the synergy between...