The Central Bank of Nigeria, CBN, has further increased the exchange rate for calculating Customs duties at the nation’s seaports by 1.9 percent.
The Customs exchange duty rate was raised from N1, 593.88 to N1, 624.73 to $1 on Tuesday, March 12, following the further depreciation in the value of naira.
This is according to information on the official trade portal of the Nigeria Customs Service.
This means that importers opening Form M today will pay more to clear their goods as import duties are benchmarked against the dollar.
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Also, importers will open Form M at a higher rate compared to those who opened Form M on Monday, March 11, according to the apex bank’s new directive to Customs to use the rate on the date of submitting Form M for calculating import duties.
Mr. Emenike Nwokeoji, National President of the Association of Nigerian Licensed Customs Agents, says using the Form M rate will create a discrepancy in duties paid on similar imports.
According to him, it would further create uncertainties around the pricing structure of goods and services in the country.
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