The Central Bank of Nigeria (CBN) has adjusted the exchange rate for paying Customs duties at the nation’s seaports by 11.1 percent, in response to the depreciation of the naira against the dollar in the foreign exchange market.
According to information from the official trade portal of the Nigeria Customs Service, the Apex Bank raised the Customs FX duty rate from N1,150.16/$ to N1,277.526/$ on Thursday, April 25.
This adjustment represents an 11.1 percent increase compared to the previous rate of N1,150.16/$ used for opening Form M, resulting in an additional N127.366 required per dollar to clear goods at the port.
Meanwhile, the naira continued its depreciation at the official end of the market, closing on Thursday at N1,309.88 to the dollar, marking a 12 percent decline week-to-date on the Nigeria Autonomous Foreign Exchange Market (NAFEM).
Despite a rise in turnover from $89 million to $318.08 million, the value of the naira depreciated slightly from N1,300.15 to N1,309.88 against the dollar within the week.
Traders attribute the depreciation to market forces, as demand continues to outstrip supply. The Central Bank of Nigeria intervened on Monday by selling dollars to Bureau de Change operators.
Consequently, importers opening Form M will now require more funds to pay import duties compared to those who opened Form M earlier in the week.
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