The Nigerian Customs Service has made changes to its foreign exchange rate for tariffs and duties, as revealed on the federal government’s single window trade portal. The new exchange rate reflects an increase of 1.59%, with the rate moving from N770.88/$ to N783.174/$.
The adjustments impact various tariffs and customs duties applied to imports in Nigeria.
These rates vary depending on the item, typically ranging from 5% to 35%, and are determined based on the prevailing harmonized commodity and coding system (HS code).
This move comes in the context of the Central Bank of Nigeria recently lifting the ban on 43 items that were previously restricted from accessing forex.
Consequently, the cost associated with clearing goods, including the 47 items affected by the policy change, has experienced an increase at Nigerian ports.
