The Nigerian Customs Service (NCS) has implemented adjustments to the foreign exchange rates used for calculating tariffs and duties.
This change is now reflected on the single window trade portal of the federal government.
As of yesterday (Sunday), the NCS exchange rate has increased by 1.59%, translating to N783.174 per US dollar. This marks a rise from the previous rate of N770.88 per US dollar.
The adjustment applies to various tariffs imposed by the NCS on imports. Customs duties in Nigeria vary for different items, ranging from 5% to 35%.
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These rates are determined based on the prevailing harmonized commodity and coding system (HS code).
Last month, the Central Bank of Nigeria, CBN, announced the lifting of the ban on 43 items previously restricted from accessing forex.
Consequently, the amount used to clear goods — including the 47 items — at Nigerian ports has increased.