CBN Again Increases Customs FX Duty Rate By 1.9%

The Central Bank of Nigeria (CBN) has again increased the FX rate for calculating Customs duties at the nation’s seaports by 1.9 percent. 

The apex bank review represents an additional N30.158 on each dollar needed to clear goods at the port compared to the old exchange of N1, 590.669/$.

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This means that importers opening Form M today will pay more to clear their goods as import duties are benchmarked against the dollar.

The continued depreciation of the naira against the dollar has seen Customs duties paid on imported goods increased by about 93 percent since the Federal Government FX reform in June 2023.