The Nigeria Customs Service (NCS) has significantly reduced the exchange rate charged for cargo clearance and import duties collection. The rate has decreased from N1,572.5/$ to N1,448.38/$, marking a reduction of N124.12 from the previous rate.
This new rate aligns with the prevailing exchange rate on the Central Bank of Nigeria’s (CBN) official window. Last week, the naira closed at N1,431 to the USD.
Over the past two weeks, the exchange rate for import duties payment on the customs portal has steadily declined, reflecting the strengthening of the naira in the foreign exchange (FX) market.
The exchange rate for cargo clearance peaked at N1,624.7/$1 on March 12, 2024, before gradually decreasing to the current figure.
The customs had previously announced that the cargo clearance exchange rate would align with the CBN’s official rate.
