In response to the continued depreciation of the naira, the Central Bank of Nigeria (CBN) has raised the exchange rate for calculating import duty at Nigeria’s ports to N1,457.014 per dollar.
This adjustment, announced via the official trade portal of the Nigeria Customs Service, represents a three-percent increase in the rate of each dollar required to clear goods from the ports.
Importers opening Form M as of Monday, May 13, 2024, will now need more funds to pay import duties compared to those who opened the form on the previous trading day.
The Nigerian currency has witnessed a seven-week depreciation, with the spot rate trading at N1,515 per dollar on the Financial Markets Dealers Quotations (FMDQ) Exchange on Monday, May 13, 2024.
In the official market, the naira closed trading at N1,478.11 per dollar, down from the N1,466.31 it traded on Friday, May 10, 2024.
Similarly, in the parallel market, the naira depreciated to N1,520 on Monday, May 13, 2024, compared to N1,490 on Friday, May 10, 2024.
