Customs FX Rate for Import Duty Rises to N1,513/$

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Customs logo

By DAPO OLAWUNI

The Nigeria Customs Service has adjusted the foreign exchange (FX) rate for import duties to N1, 513.235 per dollar from the N1, 474.09 per dollar adopted as at Thursday June 27th, 2024.

The new rate adopted by the customs was observed on Friday 28th of June 2024 on the federal government’s single window trade portal.

Customs Trade Portal

Customs typically adopt FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official FX market.

DAILY TREND however observed that the customs rate is marginally lower than the official FX rate of N1,532.51/$ recorded as at Friday morning.

1 thought on “Customs FX Rate for Import Duty Rises to N1,513/$

  1. It’s quite unfortunate that after all these hikes in Exchange rate to the Dollar for clearing goods in Nigeria, the Importer through his Clearing Agents after paying the cumulative charges, is also being subjected to Customs’ exploitations at every point . The worst of it all are the blockage of final collection of Terminal Delivery Order (TDO) for the Clearing Agent to go and reopen a sorting bargain over an already Exited cargo at the Customs Enforcement Unit office – predominantly in Tin Can Island port . The CGC must address this cancer of corruption before it finally devours the system into oblivion, or create room for fraudulent activity on the side of the Clearing Agent as to save enough money for such exploitations.
    Thanks. A stitch in time, saves Nine

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