Customs FX rate now N1,515/$ — sixth adjustment in February

The Nigeria Customs Service (NCS) has adjusted the foreign exchange rate for its tariffs and duties to N1,515 to a dollar.

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 59.15 percent or N563.15 to N1,515.09/$, as of Thursday — from the N951.94/$ it started February with.

On February 2, 2024, Customs had adjusted the exchange rate for calculating import duties from N951.941/$ to N1,356.883/$ — on February 3, it was raised to N1, 413.62/$.

Also, on February 10, 2024, the rate was increased to N1,417.635/$; on February 12, it was reviewed to N1, 444.56/$; and on February 14, the rate was raised to N1, 481.482/$.

According to the data, the latest adjustment is the sixth in February.

The import duties are being set according to the value of the dollar.

Checks by TheCable showed the average rate of the Central Bank of Nigeria (CBN) aligned with the duty rate displayed on the customs’ trade portal at the time of filing this report.

Customs had on February 4, 2024, said its exchange rates for cargo clearing are based on the recommendation of the CBN.

NCS said it does not engage in arbitrary increases or decreases in exchange rates.

Meanwhile, with the latest adjustment, importers and manufacturers who rely on the country’s seaport to bring in essential production materials will be required to pay a higher amount to facilitate clearance of their goods by customs.