The Central Bank of Nigeria has lowered the exchange rate used for computing the country's Customs duties by 5.3 percent. This decision follows a period of stability in the exchange rate of the naira to the dollar.
According to the Nigeria Customs Service's official trade portal, the duty rate has been revised downward from N1630.159/$ to N1,544.081/$. This reduction represents a 5.3 percent decrease compared to the previous rate of N1630.159/$, which was in effect as of Friday, March 2, 2024. This adjustment is expected to lessen the economic burden of high tariffs on goods imported into the country.
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