Nigeria Customs Hikes Exchange Rate For Cargo Clearance By 22.8% To N952/$

Nigeria Customs has hiked exchange rate for cargo clearance by 22.8% to N952/$.


NaijaOnPoint Nigeria reports that the Nigeria Customs Service (NCS) has hiked the exchange rate for cargo clearance from N783/$ to N952/$ representing a 22.8% increase.


Checks by NaijaOnPoint Nigeria on the federal government’s single-window trade portal of the customs service revealed that the prior exchange rate of N783.17 to the USD has been reviewed upward to N951.94.


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The Nigeria Customs Service imposes duties before imported cargoes are cleared from the ports. These fees range from 5% to 35% as determined by the harmonized commodity and coding system (HS code).


NaijaOnPoint Nigeria reports that the custom service generates revenues from these fees and other tariffs accruing to it. In the first six months of this year, the service reported an average collection of N202 billion monthly from these tariffs and levies.