The Central Bank of Nigeria, CBN, again increased the exchange rate for calculating Customs duties at the country's seaports by 1.9 per cent to N1.624.732 per US dollar amid the Naira crisis. Data on the official portal of the Nigeria Customs Service indicated that the rate was raised from N1,593.888 to N1.624.732 per USD on Tuesday. The implication is that importers who opened Form M on Tuesday will pay more to clear their goods as import duties are benchmarked against the dollar.
recalls that the CBN had raised the exchange rate for import duties at least six times in the last six weeks. On February 2, the CBN adjusted the exchange rate for calculating import duties from N951.941 to N1,356.883 per US dollar; on February 3, it was raised to N1,413.62/$; on February 10, it was raised to N1,417.635/$; on February 12, it was reviewed to N1, 444.56/$ and February 14, the rate has been raised to N1, 481.482/$.
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