The Central Bank of Nigeria (CBN) has once again changed the Nigeria Customs Service (NCS) foreign exchange (FX) rate for import duties.

According to data from Nigeria's trade portal observed on Tuesday, March 18, the dollar exchange rate for import duty is N1527.53

This represents a 1.29% reduction when compared to N1,547.31/$ displayed on Friday, March 14.

The customs duty for cargo clearance is set by the CBN relative to the current exchange rates. Explaining Customs duty rate, GTB told importers:

"All importation into the country must be done by opening a form M, whether valid for FX or not. Customs duty payment can only be processed at the bank where the form M was opened except where the Bank that approved the form M is not a Duty Collecting Bank."

Insight on how importers bring goods to the country

The CBN had in February 2024, directed the Customs Service to adopt the same forex rate for the importation of goods to its clearance in the country.

In a circular released on its website, the CBN said the FX rate at the point of importation should be used for import duty assessment until the termination date and clearance are finalised.

Naira exchange rate

The changes in Customs rate come despite the naira depreciating against the US dollar in the official Nigerian Foreign Exchange Market (NFEM) the previous day.

Data from CBN showed that the naira suffered a loss of N9.61 or 0.63% to settle at N1,531.98/$1 on Monday in contrast to last Friday’s value of N1,522.37/$1.

Similarly, the Nigerian currency weakened against the Pound Sterling during the trading session by N20.41 to quote at N1,984.61/£1 compared with the previous trading day’s rate of N1,964.20/£1

While against the euro, it fell by N14.68 to sell for N1,668.46/€1 versus the preceding session’s value of N1,653.78/€1.