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

The 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 percent or N12.37 to N783.174/$, as of Sunday — from the preceding rate of N770.88/$.

Among other tariffs, the NCS collects 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).

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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.

The naira on Thursday depreciated by 13.95 percent to close at N996 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) — the country’s official exchange rate window.

On the other hand, at the parallel section of the market, the naira appreciated by 14.81 percent to close at N1,150 per dollar on Thursday — from N1,135 a dollar on Wednesday.