The exchange rate used to determine customs charges at the country’s seaports has been raised by the Central Bank of Nigeria (CBN) from ₦1,413.62/$ to ₦1,417.635/$ for the third time this year.
Nigerians will pay more to clear their goods at the port as a result of the upward review because import tariffs are based on the value of the dollar.
Information from the Nigeria Customs Service’s official website indicates that on Friday, February 9, the exchange rate was reviewed upward.
As of the morning of Saturday, February 10, 2024, the official CBN exchange rate was ₦1,481.982/$.
This reflects an increase of ₦4.015 and a percentage gain of 0.28 percent.It was discovered that this week’s higher assessment of the exchange rate used to determine customs import duty is the third such review since 2024.
Additionally, in the eight months since President Tinubu’s administration implemented the floating naira policy—a measure meant to stabilize the foreign exchange market—this is the seventh time the apex bank has changed exchange rates.
Also, this is the second time that the rate has witnessed an increase in the month of February 2024.
