- By Femi Alabi
The Central Bank of Nigeria (CBN), has slashed the exchange rate for computing Customs duties at the nation’s seaports by 7.3 per cent.
The slash that was announced on Friday was as a result of the naira that strengthened against the dollar at the official window on Thursday.
The reduction will no doubt bring succour to Nigerian due to the fact that importers will be relieved a bit because of the margin of foreign exchange.
NPO reports gathered that the Customs duty rate was reviewed downwards from N1, 605.82/$ to N1, 488.896/$ on Friday, February 23, 2024, according to information on the National Trade Hub, the official trade portal of the Nigeria Customs Service.
The reduction represents a 7.3 per cent drop when compared to the old rate of N1, 605.82/$ used as of Thursday, February 22, 2024, and a reduction of N116.924 less on a dollar.
The reduction is the second time in 2024 that the Customs exchange rate is being adjusted on the downward trend, which is expected to bring some measure of relief to the importer who will save about N116.924/$ from the rate used on Thursday, February 22, 2024.