CBN Sets New Customs Exchange Rate To Clear Goods, Importers To Pay More [Video]

• The CBN has once again decided to increase the exchange rate to clear goods for importers at national ports
• The latest exchange rate is N4 higher compared to the previous rate expected to be paid by importers
• The CBN uses the naira performance in the NAFEM window to determine the Customs exchange rate

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has increased the customs exchange rate used by importers clearing goods at the ports.

According to data from Nigeria’s trade portal, importers will now pay N1,663.3 per dollar from Monday, December 2, 2024.

The latest rate represents a N4 or 0.25% increase compared to the N1,663.39/$ exchange rate quoted previously.

Customs duty or import duty refers to the taxes and levies paid …