CBN has reduced the foreign exchange duty rate imposed by the Customs by 5.3%, citing the stabilization of the naira as the reason for this decision.

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.