The Central Bank of Nigeria (CBN) has slashed exchange rates used to calculate customs duties and tariffs for the Nigeria Customs Service (NCS).
According to data from Nigeria’s trade portal, importers looking to clear goods will pay N1498.481 per dollar on Tuesday, March 4, 2025.
The latest rate represents a 0.11% increase compared to the N1500.23/$ exchange rate quoted as of Monday, February 24.
Responding to the latest changes, a licensed customs clearing agent, Joe Madu, told TimesNow.com.ng that the adjustments are no longer as significant as they were in the past.
He said:
The Central Bank of Nigeria (CBN) sets the customs duty rate using the closing rate of the naira against the dollar in the Nigerian Foreign Exchange Market (NFEM).
Data from CBN showed that the naira closed at N1,498.98 per dollar on Monday, February 3, 2025.
Customs adopt the closing FX rate on the date of opening Form M for the importation of goods, as the FX rate to be used for Import Duty Assessment.
This rate remains valid until the date of termination of the importation and clearance of goods by importers
Form M is a mandatory statutory document to be completed by all importers for the importation of goods into Nigeria.
The life span of a Form M is 180 days (for general merchandise) and 365 days (for plant and machinery), after which an extension of 180 days (for general merchandise) and 365 days (for plant and machinery) can be granted on the Form M by the Authorized Dealer.
It is therefore mandatory for all importers to complete and register Form ‘M’ with authorised dealers at the time of placing orders whether the transaction is valid for foreign exchange or not.
Earlier, TimesNow.com.ng reported that Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), has urged the CBN to change its policy on the customs import duty rate to clear goods at ports.
Yusuf said that the CBN should review its policy and peg the exchange rate at N1,000/$ for the next six months to mitigate the adverse effects of exchange rate fluctuations on cargo clearance and trade costs.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
