BUSINESS

Nigerian Customs Service Adjusts Foreign Exchange Rate For Tariffs And Duties

The Nigerian Customs Service (NCS) has implemented adjustments to the foreign exchange rate for its tariffs and duties, as reflected on the single window trade portal of the federal government. The new rates, effective as of yesterday, show an increase of 1.59%, with the NCS exchange rate now set at N783.174/$ compared to the previous rate of N770.88/$.

Customs duties in Nigeria are imposed on imports, with rates varying for different items, typically ranging from 5% to 35%. These rates are assessed based on the prevailing harmonized commodity and coding system (HS code).

The adjustment in the exchange rate by the NCS is significant, impacting the costs associated with clearing goods at Nigerian ports. This change comes in the context of the Central Bank of Nigeria (CBN) lifting the ban on 43 items previously restricted from accessing forex, signaling shifts in the foreign exchange landscape in the country. As a result, businesses and importers will need to factor in these adjustments when calculating the expenses related to importing goods into Nigeria.

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