CBN slashes Customs FX duty rate by 5.3% as naira stabilises
The Central Bank of Nigeria reduced the country’s customs duty computation exchange rate by 5.3 percent after the naira to dollar exchange rate stabilised.
The Nigeria Customs Service’s official trade webpage revealed that the tariff rate has been reduced from N1630.159/$ to N1, 544.081/$.
Comparing this to the previous rate of N1630.159/$ utilised as of Friday, March 2, 2024, shows a drop of 5.3 percent. Additionally, it’s hypothesised that this would lessen the financial burden of having to pay a high duty on imported items.