By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
P9O Newsletter
Join Us!

Subscribe to our newsletter and never miss our investigative stories, breaking news, podcasts etc..

Zero spam, Unsubscribe at any time.
  • Home
  • Nigeria
  • Politics
  • Metro
  • World
  • Lifestlye
  • Football
  • 2023 Election
Reading: CBN Announces Reduction in Customs Duty Exchange Rate
Prime 9ja Online
Prime 9ja Online Prime 9ja Online
Aa
  • Africa
  • Business
  • Football
  • Metro
  • Nigeria
  • Opinion
  • Politics
  • Technology
Search
  • Categories
  • _Football
  • _Lifestyle
  • _World
  • _Metro
  • _Politics
  • _Nigeria
  • Pages
  • _About Us
  • _Contact Us
  • _Privacy Policy
Follow Us
Business

CBN Announces Reduction in Customs Duty Exchange Rate

The Central Bank of Nigeria (CBN) has announced a 5.3% reduction in the exchange rate used for computing Customs duties at the nat...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief March 04, 2024
Updated March 4, 2024 at 8:19 PM
Share
CBN Announces Reduction in Customs Duty Exchange Rate
SHARE
CBN Announces Reduction in Customs Duty Exchange Rate

The Central Bank of Nigeria (CBN) has announced a 5.3% reduction in the exchange rate used for computing Customs duties at the nation's seaports. The Customs foreign exchange (FX) duty rate has been revised from N1630.159/$ to N1,544.081/$ as of March 4, 2024. This move is in response to the stability of the naira’s exchange rate against the dollar.

The new rate represents a 5.3% decrease compared to the previous rate of N1630.159/$ used on March 2, 2024. Importers opening Form M for trade on Monday, March 4, 2024, will benefit from a lower exchange rate for duty calculation, providing some relief in import duties.

Industry analysts suggest that the CBN’s efforts to stabilize the exchange rate for Customs duty evaluation will help mitigate the economic impact of high tariffs on businesses. The move aims to create a more favourable business environment for importers, addressing concerns about high import duties and fluctuating FX rates for duty calculation.

Last week, the CBN issued a directive instructing Customs to use the rate on submitting Form M to calculate import duties. This directive is part of the CBN's ongoing efforts to streamline import processes and alleviate the financial burden on importers. The reduction in the Customs duty exchange rate is expected to have a positive impact on import activities in the country.

Tags: Business

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share this Article
Facebook WhatsApp TwitterEmail Print

You Might Also Like

Facebook Like
Twitter Follow
Pinterest Pin
Telegram Subscribe
Prime 9ja Online

Subscribe to our newsletter to receive our latest updates instantly on your email.

About

  • About Us
  • Privacy Policy
  • Terms
  • Disclaimer
  • Fact-Checking Policy
  • Code of Ethics
  • Corrections and Correctives
  • Editorial Integrity
  • Ethical Conduct
  • Funding

Connect

  • Contact Us
  • Advertise
  • Submit a Tip

© 2025 Prime 9ja Online Media - All Rights Reserved.

Follow Us