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The Central Bank of Nigeria (CBN) has raised the exchange rate utilized for computing Customs duties at the country’s seaports by 2.1 percent.
This adjustment represents a 2.1 percent decrease compared to the previous rate of N1,303.8/$ utilized for opening Form M as of Friday, March 29, resulting in a reduction of N26.46 on each dollar required for clearing goods from the port.
As a result, importers opening Form M on Tuesday, April 2, will need to allocate more funds to cover import duties compared to those who opened Form M on Friday, March 29.
The Central Bank of Nigeria (CBN) has raised the exchange rate utilized for computing Customs duties at the country’s seaports by 2.1 percent.
This adjustment represents a 2.1 percent decrease compared to the previous rate of N1,303.8/$ utilized for opening Form M as of Friday, March 29, resulting in a reduction of N26.46 on each dollar required for clearing goods from the port.
As a result, importers opening Form M on Tuesday, April 2, will need to allocate more funds to cover import duties compared to those who opened Form M on Friday, March 29.
