The Central Bank of Nigeria(CBN) has reduced the currency rate used in calculating customs charges at the country’s by 3%.
The strengthening of naira has brought a relief to Importers in both the official and black markets. The Customs FX duty rate has reduced from N1, 448.386/$ to N1, 405.466/$ on the Nigeria Customs Service official trade portal on Tuesday with a decrease of N42.92 on dollar needed to clear goods from port.
The foreign exchange rate was at N1,408.04/$ at the NAFEM.
Shippers has expressed concern as Customs refuse to enforce the Central Bank order to use the exchange rate at the time of Form M submission to calculate import charges in spite of the CBN directive regarding the FX rate on Form M.
The National Shippers Association of Nigeria (NASAN) President General, Innocent Akuvue spoke in Lagos that Customs continues to compute import charges using exchange rate that differs from the one on Form M which has caused a negative impact on the cost of conducting business at the port and the rising cost of commodities in Nigeria.
