Customs has increased the Foreign Exchange rate for the collection of duties, raising it from N770/$ to N783/$.

The Nigerian Customs Service (NCS) has recently made adjustments to its tariffs and duties in response to changes in the foreign exchange rate. The updated rates have been implemented on the federal government’s single-window trade portal.

According to the information available on the portal, the NCS exchange rate has experienced a 1.59% increase, amounting to N12.37, bringing the new rate to N783.174 per dollar. This marks a shift from the previous rate of N770.88 per dollar.

Notably, the Central Bank of Nigeria (CBN) had previously announced the removal of restrictions on 43 items that were previously banned from accessing forex. Consequently, this policy change has led to an increase in the amount required to clear goods, including the 47 items at Nigerian ports.