The Central Bank of Nigeria (CBN) has raised the exchange rate for the clearance of goods from N1444.56/$ to N1515.09 against the USD, marking an increase of N70.53 compared to the prior rate.
A check of the federal government’s single-window trade portal of the customs service indicates that the former exchange rate of N1444.56 to the USD has been adjusted upwards to N1515.09.
The Nigeria Customs Service imposes duties on imported cargoes before clearance from the ports. These charges range from 5% to 35% depending on the harmonized commodity and coding system (HS code).
The CBN has been regularly adjusting the exchange rate for goods clearance to reflect what is obtainable in the official window. In the last two weeks, the apex bank has adjusted the rate three times from N951.94/$ to N1356.88/$ representing an increase of 42.7% on the 2nd of February before this current increase.
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