Nigeria Customs Adjusts Exchange Rates on Import Duties

The Nigeria Customs Service has adjusted the exchange rates for import duties on goods coming to the country.  The adjustment comes as the apex bank devalued the local currency.

The authority is putting efforts together to drive local economic growth and boost FX inflows. Details from the trade portal showed that the British pound conversion rate has now increased to N1725.995. The rate is expected to be applied to goods coming from the United Kingdom.

Importers would pay N1355 on each dollar charge as import duty on goods coming from the United States and other countries with US dollar invoices.  Before the latest devaluation of the local currency, the FX spot rate was at N951.842. #Nigeria Customs Adjusts Exchange Rates on Import Duty Payment Banks Face Risks over 24hrs FX Positions Sell Down

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