The Nigerian Customs Service (NCS) has raised the exchange rate for cargo clearance by 42.7%, from N951.94/$ to N1356.88/$.
Gatekeepers News reports that this move is part of ongoing adjustments in response to the foreign exchange crisis in the country.
The NCS, which levies duties on imported goods,varying from 5% to 35% based on the harmonized commodity and coding system (HS code), has witnessed successive increases in the exchange rate for cargo clearance in recent months.
This adjustment is expected to impact businesses, as it contributes to rising production and operating expenses. The foreign exchange crisis in Nigeria, exacerbated by market forces, has led to a significant depreciation of the naira. The Central Bank of Nigeria (CBN) is working to address a reported backlog of around $7 billion, prioritizing the settlement of outstanding FX forwards owed to businesses.
The naira recently reached a new low of N1,461.90 to the USD, highlighting the challenges faced in stabilizing the foreign exchange market. The Customs Service emphasizes that it uses the official market (NAFEM) exchange rate according to the CBN’s guidance.
