The Central Bank of Nigeria (CBN), has again, raised the currency rate that is applied when determining customs charges at the nation’s seaports.
Data from the Nigeria Customs Service’s official trade portal indicates that yesterday, Monday, February 12, the exchange rate was raised from N1,417.635 per Dollar to N1,444.56 per Dollar, reports Daily Sun.
This is the forth adjustment the apex bank would be making on the rate this year alone and the most recent changes marks a 1.9 percent increase on the rate.
Consequently, import duties will be based on the value of the dollar, meaning that manufacturers and importers who depend on the nation’s seaport to import necessary manufacturing supplies will have to pay more to have their items cleared by customs.
Additionally, it shows an increase of N26,925 and a percentage increase of 1.9 percent, which is less than the N1,481.982/$ official CBN exchange rate as of yesterday morning, February 12, 2024.
