Customs raises FX rate for collection of duties from N770/$ to N783/$

Nigerian Customs Service, NCS, has adjusted the foreign exchange rate for its tariffs and duties.

The new rates were reflected on the single window trade portal of the federal government.

According to information on the portal, the NCS exchange rate has gone up by 1.59 per cent or N12.37 to N783.174/$, as of yesterday, from the preceding rate of N770.88/$.

Among other tariffs, the NCS customs duties in Nigeria, levied on imports.

Rates vary for different items, typically from 5 percent to 35 percent, and are assessed with reference to the prevailing harmonised commodity and coding system (HS code).

Last month, the Central Bank of Nigeria, CBN, announced the lifting of the ban on 43 items previously restricted from accessing forex.

Consequently, the amount used to clear goods — including the 47 items — at Nigerian ports has increased

Culled from Vanguard