The Nigerian Customs Service (NCS) has implemented an adjustment in the foreign exchange rate for tariffs and duties, marking a notable shift in the cost of clearing goods at Nigerian ports.
The updated rates, now visible on the federal government’s single window trade portal, reveal an increase in the NCS exchange rate by 1.59%, moving from N770 to N783 per dollar as of yesterday.
This adjustment impacts various tariffs, particularly the NCS customs duties applied to imports in Nigeria. These duties typically range from 5% to 35% and are calculated based on the prevailing harmonised commodity and coding system (HS code) for different items.
This alteration in the exchange rate comes on the heels of the Central Bank of Nigeria (CBN) recently lifting the ban on 43 items that were previously restricted from accessing forex. Consequently, the costs associated with clearing goods, including those 43 items, have risen at Nigerian ports.
The fluctuation in the exchange rate for duties is expected to influence the financial aspects of imports, potentially impacting businesses and consumers alike in the country.