The Central Bank of Nigeria (CBN) has increased the dollar exchange rate for Customs duty to clear goods at the nation's ports.

According to data from the federal government trading portal, Nigerian importers will now be charged N1,666.219 per dollar from Thursday, September 26, 2024.

The new rate represents a 0.38% increase from the previous rate of N1,659.83 per dollar.

What is Customs duty?

Customs duties are taxes and levies paid on goods imported into the country. The duties are paid through a commercial bank to the Nigeria Customs Service, which collects them on behalf of the federal government.

According to the apex bank's policy, Customs should use the rate when submitting Form M to calculate duties.

Form M is a mandatory online documentation process for importing physical goods into Nigeria.

The latest adjustment indicates that importers who opened Form M on Thursday will exchange naira for N1,666 per dollar.

Customs rate vs official exchange rate

The current Customs rate reflects the performance of the Nigerian currency in the Nigerian Autonomous Foreign Exchange Market (NAFEM) against the United States dollar.

On Wednesday, September 25, data from FMDQ Securities showed that the naira closed at N1667.42 to the dollar in the official market.