Less than 24 hours after the Nigerian Customs Service (NCS) reduced the exchange rate for calculating import duty collections at the nation’s seaports to N1,407.06/$1, it was raised to N1,502.136/$1.
This adjustment was noted in data obtained from the NCS online trade portal.
This new exchange rate marks the highest value and the seventh adjustment in May alone.
Previously, the duty foreign exchange rate was raised to N1,441.53/$1 on May 3, then decreased to N1,382.16/$1 on May 7, before climbing to N1,412.57/$1 on May 8.
The rate was adjusted again to N1,414.59/$1 on May 9 and rose to N1,457.01/$1 on May 11. On May 14, the rate was lowered to N1,407.06/$1 but escalated the following day to N1,502.136/$1.
The increase in the customs foreign exchange duty rate represents approximately a 3.1 per cent rise in the dollar rate required to clear goods from the port, translating to an increase of N45.122 in the exchange rate per dollar needed for clearance.
This recent escalation in the duty exchange rate mirrors the prevailing conditions in the forex market.
On May 14, Naira closed at N1520/$1 on the official NAFEM window, showing a 2.78 per cent depreciation—the most significant drop in six weeks.
Over the past week, the Naira has sharply declined by about 11 percent in the official market, underscoring the ongoing challenges in stabilizing Nigeria’s currency.
Importers, exporters and agents will find it difficult clearing their goods at the ports including those on their way to the country.
Also the duty rate will increase making compounding the price of goods in the market despite the rise in inflation already witnessed in the country.
