ABUJA (Sundiata Post) – The Central Bank of Nigeria (CBN) has reduced the exchange rate for calculating Customs duties at the nation’s seaports twice in less than four days by 7.54 per cent from 1,238/$1 to N1,150/$1. Findings from the Nigeria Customs Service (NCS) portal indicated that the exchange rate was adjusted on April 18, 2024 and April 22, 2024, leading to a decline of N88.
It was learnt that the new improvement was attributed to the strategic measures and reforms implemented by the Central Bank of Nigeria (CBN) to curb inflation and stabilising the foreign exchange (FX) market. It would be recalled that import duty as contained in the Nigeria Trade Hub (NTH) was reduced seven times as follow: 15th March 2024, N1,612/$1; 16th March, N1,593/$1; 19th March, N1,572/$1; 23rd March, N1,448/$1; 26th March, N1,405/$1; 28th March, N1,364/$1 and 29th March, N1,303/$1.
Before the latest reduction in the exchange rate, customs agents had said that the floating exchange rate in the payment of Customs duty payment had negatively affected the volume of cargoes at the port as people no longer import goods.
