Customs raises foreign exchange rate for duty collection

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Customs raises foreign exchange rate for duty collection
Customs raises foreign exchange rate for duty collection

The Nigerian Customs Service (NCS) has implemented changes to its foreign exchange rates for tariffs and duties, as observed on the federal government’s single window trade portal.

The updated rates, reflecting an increase of 1.59 percent or N12.37, now stand at N783.174/$ as of Sunday, compared to the previous rate of N770.88/$.

The NCS, responsible for collecting customs duties on imports in Nigeria, applies varying rates to different items, typically ranging from 5 percent to 35 percent.

These rates are assessed based on the prevailing harmonized commodity and coding system (HS code).

This adjustment follows the recent announcement by the Central Bank of Nigeria (CBN) lifting the ban on 43 items that were previously restricted from accessing forex.

Consequently, the cost associated with clearing goods, including the 47 items affected by the policy change, has seen an increase at Nigerian ports.