CBN slashes Customs FX duty rate by 5.3% as naira stabilises

The exchange rate for computing the country’s Customs duties has been slashed by 5.3 percent by the Central Bank of Nigeria following stability in the exchange rate of naira to the dollar.

On the official trade portal of the Nigeria Customs Service, it was noted that the duty rate has been reviewed downward from N1630.159/$ to N1, 544.081/$. 

This represents a 5.3 percent reduction when compared to the old rate of N1630.159/$ used as of Friday, March 2, 2024. It is also speculated that this would reduce the economic impact of paying a high tariff on goods brought into the country.