B-R-E-A-K-I-N-G: Customs Duty Exchange Rate Rises to N1,356/$

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Comptroller-General of Nigeria Customs Service, Bashir Adewale Adeniyi MFR

By DAPO OLAWUNI

Hard times await Nigerians as the Central Bank of Nigeria (CBN) has set the Nigeria Customs Service exchange rate for goods importation at N1,356.883 per 1$.

The exchange rate for Duty collection is usually determined by the CBN.

According to findings by DAILY TREND on Friday morning, maritime stakeholders woke up to the rude shock of the increase in exchange rate which hitherto was set at N951.842 per 1$ as at December 2024.

Barr Michael Ovien, a frontline Customs Broker, confirmed to our correspondent that the CBN has already effected the increased Exchange on the Trader Portal for Single Window Trade as at Friday morning.

With the latest increment, cost of importation is billed to increase, while the cost of goods and services in the market would increase astronomically.

Recall that the Central Bank of Nigeria (CBN) has issued a new circular that removes the previous cap on exchange rates quoted by International Money Transfer Operators (IMTOs).
The circular signed by Hassan Mahmud, director of trade and exchange department, was titled ‘Removal of Allowable Limit of Exchange Rate Quoted by the International Money Transfer Operators’.

To boost liquidity, the financial regulator said IMTOs are to quote exchange rates for naira payout to beneficiaries based on the prevailing market rates at the Nigerian foreign exchange market.

2 thoughts on “B-R-E-A-K-I-N-G: Customs Duty Exchange Rate Rises to N1,356/$

  1. Which this dollar increase, customs can’t maintain there’s. They are still imposing more bills. Don’t forget all this kills the economy gradually

  2. Wow , this is really disastrous to the Nation economy.

    The CBN, Ministry of Finance , Nigeria custom service needs to look into this!

    Devaluation of Nigeria currency in the international community!

    BLUE ECONOMY IS NOT ACHIEVABLE

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