The Central Bank of Nigeria has reduced the exchange rate used for computing the country’s Customs duties by 5.3%, citing the stable exchange rate between the naira and the dollar. On the official trade portal of the Nigeria Customs Service, the duty rate has been adjusted from N1630.159/$ to N1,544.081/$. This marks a 5.3% decrease compared to the previous rate of N1630.159/$ as of Friday, March 2, 2024. The adjustment is expected to alleviate the economic burden of high tariffs on imported goods.
