In a move that will have direct implications for importers and manufacturers reliant on the country’s seaports, the Central Bank of Nigeria (CBN) has increased the exchange rate used for calculating Customs duties. According to data obtained from the official trade portal of the Nigeria Customs Service, the exchange rate adjustment was implemented on Monday, February 12th, raising it from 1,417.635 Naira per US dollar to 1,444.56 Naira per US dollar.

This marks the fourth adjustment made by the apex bank this year, indicating a continuous effort to manage the economic landscape. The Customs duty rate has seen an increase of 1.9 percent as a result of this latest adjustment.

The surge in the exchange rate will necessitate importers and manufacturers using the country’s seaports to allocate a higher amount for customs clearance of their goods. Import duties will be determined based on the adjusted value of the US dollar.

The recent adjustment translates to a surge of N26,925, reflecting a percentage increase of 1.9 percent. It’s noteworthy that this figure falls below the official CBN exchange rate of N1,481.982 per US dollar as of Monday morning, February 12, 2024.

This move by the CBN is expected to impact businesses involved in international trade, potentially leading to increased operational costs for importers and manufacturers. Stakeholders will be closely monitoring the economic repercussions and adjusting their strategies accordingly in response to the evolving exchange rate landscape.