The Central Bank of Nigeria (CBN) has slashed customs import duties on cargoes imported into the country at the nation’s seaports and airports for the seventh time in two weeks.

The Customs FX duty rate was reviewed downward from N1,612 per dollar on March 15th to N1,303/$1 on March 29th.

Recall that the Nigerian Customs Service (NCS) had declared that the exchange rate for duty collection and cargo clearance would be determined by the CBN, based on the official market rate.

To this effect, prices of imported finished goods such as Cement, food items, sugar, drugs and other raw materials are expected to drop significantly.

The manufacturers of these products have earlier attributed high Customs exchange rate as reasons for the increase in price in the past few months but the reduction is expected to see downward price movement in coming months.

The exchange rate had reduced by 19.2% that is N309 between March 15 to 29, 2024.

The reduction as noted on the Nigeria Trade Hub are as follow: 15th March 2024: N1,612/$1; 16th March 2024: N1,593/$1; 19th March 2024: N1,572/$1; 23rd March 2024: N1,448/$1; 26th March 2024: N1,405/$1; 28th March 2024: N1,364/$1 and 29th March 2024: N1,303/$1.

To this end, importers that opened Form M, last week are expected pay less to clear their cargoes as import duties are benchmarked against the dollar.

The Nigerian Naira (NGN) has seen improvements recently, which are largely due to the strategic measures and reforms implemented by the central bank aimed at curbing inflation and stabilizing the foreign exchange (FX) market.

Over the last two weeks, the naira has jumped from N1,615 per dollar on March 13th to N1,382 per dollar by March 26th.

Last week, the Central Bank of Nigeria (CBN) disclosed its success in settling an over $4 billion backlog in foreign exchange forwards, benefiting businesses both within and internationally.

Additionally, it has imposed restrictions on International Oil Companies (IOCs), allowing them to only transfer 50% of their foreign exchange earnings immediately and requiring a 90-day wait to transfer the remaining 50%.

The Central Bank of Nigeria (CBN) has slashed customs import duties on cargoes imported into the country at the nation’s seaports and airports for the seventh time in two weeks.

The Customs FX duty rate was reviewed downward from N1,612 per dollar on March 15th to N1,303/$1 on March 29th.

Recall that the Nigerian Customs Service (NCS) had declared that the exchange rate for duty collection and cargo clearance would be determined by the CBN, based on the official market rate.

To this effect, prices of imported finished goods such as Cement, food items, sugar, drugs and other raw materials are expected to drop significantly.

The manufacturers of these products have earlier attributed high Customs exchange rate as reasons for the increase in price in the past few months but the reduction is expected to see downward price movement in coming months.

The exchange rate had reduced by 19.2% that is N309 between March 15 to 29, 2024.

The reduction as noted on the Nigeria Trade Hub are as follow: 15th March 2024: N1,612/$1; 16th March 2024: N1,593/$1; 19th March 2024: N1,572/$1; 23rd March 2024: N1,448/$1; 26th March 2024: N1,405/$1; 28th March 2024: N1,364/$1 and 29th March 2024: N1,303/$1.

To this end, importers that opened Form M, last week are expected pay less to clear their cargoes as import duties are benchmarked against the dollar.

The Nigerian Naira (NGN) has seen improvements recently, which are largely due to the strategic measures and reforms implemented by the central bank aimed at curbing inflation and stabilizing the foreign exchange (FX) market.

Over the last two weeks, the naira has jumped from N1,615 per dollar on March 13th to N1,382 per dollar by March 26th.

Last week, the Central Bank of Nigeria (CBN) disclosed its success in settling an over $4 billion backlog in foreign exchange forwards, benefiting businesses both within and internationally.

Additionally, it has imposed restrictions on International Oil Companies (IOCs), allowing them to only transfer 50% of their foreign exchange earnings immediately and requiring a 90-day wait to transfer the remaining 50%.