Respite As CBN Slashes Customs FX Duty Rate By 5.3%

Respite appears on the horizon for Nigerians as prices of imported goods and raw materials are expected to nosedive as the Central Bank of Nigeria (CBN), on Monday, reviewed downward the Foreign Exchange on clearance of cargoes at the nation’s seaports from N1,630.159/$ to N1,544.081/$.

The slash, which represents 5.3 per cent following the stability of Naira against the United States Dollar in the parallel and official exchange rate markets.

According to information on the official trade portal of the Nigeria Customs Service (NCS), the Customs Foreign Exchange duty rate was reviewed downward from N1,630.159/$ to N1,544.081/$ on Monday, March 04, 2024,

This represents a 5.3 per cent reduction when compared to the old rate of N1630.159/$ used as of Friday, March 2, 2024, and a decrease of N86.078 on a dollar needed to clear goods from the seaports.