ENUGU, Nigeria (VOICE OF NAIJA)- Following the stability in the exchange rate of naira to the dollar, the Central Bank of Nigeria (CBN) has again slashed the exchange rate for computing Customs duties at the nation’s seaports by 5.3 per cent.
According to information obtained from the official trade portal of the Nigeria Customs Service, the Customs FX duty rate was on Monday, reviewed downward from N1630.159/$ to N1, 544.081/$,
This represents a 5.3 per cent reduction when compared to the old rate of N1630.159/$ used as of Friday, March 2, 2024, and a decrease of N86.078 on a dollar needed to clear goods from the port.
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Reacting to the development, an industry analyst, Tony Anakebe said the apex bank needs to stabilise the FX rate for Customs duty evaluation to reduce the economic impact of paying a high tariff on businesses.
Anakebe said there is a lull at the port as importers are no longer finding the business environment favourable due to high import duty and fluctuating FX rates for duty calculation, Business Day reports.
It was gathered that the CBN had, last week, issued a new directive to Customs to use the rate on the date of submitting Form M for calculating import duties.