The Central Bank of Nigeria (CBN) has taken a significant step to ease the burden on importers by announcing a reduction in the exchange rate fees for customs duty payments in Nigerian seaports.
Effective Thursday, February 29, 2024, the customs foreign exchange duty rate has been lowered from ₦1,662.35/$ to ₦1630.159/$, marking a 1.9 percent decrease from the previous rate.
Importers now experience a relief of ₦32.191 less on every dollar paid to clear goods from the port. This move comes amidst ongoing challenges faced by importers due to the fluctuating nature of the naira, which has led to daily adjustments in customs duty rates.
Responding to complaints from stakeholders regarding inconsistent import duty assessment levies, the CBN has NCS to adhere to the closing foreign exchange rate in the official window for all import duty calculations. Additionally, the CBN has instructed the NCS to base import duty calculations on the exchange rate prevailing on the date of submitting Form M.
Importers who opened Form M on Thursday, February 29, 2024, benefited from the reduced forex duty rate, while those who opened it a day earliercontinued with the previous rate. Despite this positive development, stakeholders in the industry remain skeptical about its ability to address the overarching issues plaguing the clearance of goods at Nigerian ports.
The prohibitive cost of clearing goods at the ports has surged by over 40 percent in the last two months, posing significant challenges to businesses. Stakeholders are urging the federal government to prioritise addressing these pressing concerns, emphasising the need for comprehensive reforms to streamline port operations and reduce the financial burden on importers.
As the CBN continues to implement measures to stabilize the forex market and support economic activities, the focus remains on fostering a conducive environment for trade and investment while addressing the structural challenges hindering Nigeria’s maritime sector.
