After Importers Uproar, CBN Slashes Customs FX By 5.3%

The Central Bank of Nigeria (CBN), on Friday, reduced the exchange rate for computing import duty at the nation’s seaports by 5.3 per cent.

The reduction is coming less than 48 hours after importers and clearing agents operating at the nation’s seaports complained that the Customs exchange rate rises higher than official foreign exchange market rate of the naira and the United States Dollar.

It could be recalled that the former acting President, Association of Nigerian Licenced Customs Agents (ANLCA), Dr Kayode Farinto, said fluctuating exchange rate is not helping the import/export sector of the economy.

According to Farinto, he has advised the Central Bank of Nigeria (CBN), to embrace quarterly predictive exchange rate.

“I have given technical advice that we should have a predictive foreign exchange rate for Customs purposes so that whether the dollar is going up or down, there won’t be adjustment on the Customs platform. That means for the next quarter there will be a specific Customs FX rate but this current fluctuation is not helping our economy because what we have now is not inline with world bank criteria.”

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However, LEADERSHIP gathered that Customs exchange rate on the Nigerian trade hub portal revealed that the exchange rate for cargo clearance has reduced from N1,260.49 to N1,330.36

The slash represents a 5.3% reduction or differences of N69.87 between the new and the old prices.

To this end, importers that opened Form M, on Wednesday, will pay less to clear their cargoes as import duties are benchmarked against the dollar.

Also, importers will open Form M at a lower rate compared to those who opened Form M on Friday, 5th April, 2024 according to the apex bank’s new directive to Customs to use the rate on the date of submitting Form M for calculating import duties.