The CBN has increased the exchange rate used for calculating Customs duties at the seaports in the country.
According to data from the official trade portal of the Nigeria Customs Service, the exchange rate was adjusted upwards on Monday, February 12th, from 1,417.635 Naira per US dollar to 1,444.56 Naira per US dollar.
The Customs duty rate has been raised by 1.9 percent today. This adjustment marks the fourth time this year that the apex bank has made changes to the rate
As a result, importers and manufacturers who rely on the country’s seaport to bring in essential production materials will be required to pay a higher amount to facilitate the customs clearance of their goods, as import duties will be set according to the value of the dollar.
Furthermore, it indicates a surge of N26,925 and a percentage surge of 1.9 percent, which falls below the official CBN exchange rate of N1,481.982/$ as of Monday morning, February 12, 2024.
| Posted: at | |
TRENDING GISTS 
Arrest Tompolo Now! Nigerian Doctor Dares EFCC To Go After Niger Delta Militant Leader, Tompolo
Expect Davido Someday As Governor Of Osun – Formere Senator Ben Murray-Bruce Declares
Panic In Abuja As Pastor Shoots Two Immigration Officers After Being Mistaken Them For Robbers
Retired Teacher, Mallam Kabiru Killed, Wife Abducted As Bandits Invade Zamfara School Quarters
Army Busts Gunrunning Syndicate in Plateau, Two Arrested With AK-47 (Photos)
Ringside Rumble? Fans Hype Possible Boxing Showdown Between Small Doctor And Portable
16-Year-Old Maths Wizard, Olamide Aderibigbe Scores 336 Overall In UTME; Scores 98 in Maths