JUST IN: CBN slashes Customs FX duty rate by 5.3% as naira stabilises

Segun Oladipupo

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The Central Bank of Nigeria (CBN) has further reviewed downward the Customs Foreign Exchange duty rate from N1,630.159/$ to N1,544.081/$ on Monday, March 04, 2024,

The slash which represents 5.3 percent follows the stability in the exchange rate of naira to the dollar.

According to information on the official trade portal of the Nigeria Customs Service, the Customs Foreign Exchange duty rate was reviewed downward from N1,630.159/$ to N1,544.081/$ on Monday, March 04, 2024,

This represents a 5.3 percent reduction when compared to the old rate of N1630.159/$ used as of Friday, March 2, 2024, and a decrease of N86.078 on a dollar needed to clear goods from the port.