• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

Import Duties Exchange Rate Rises To N282; Here Is How It Works

Nairametrics by Nairametrics
July 7, 2016
in Currencies, Spotlight
Here’s How Much Nigerian Customs Seized In 5 Years
Share on FacebookShare on TwitterShare on Linkedin

Since the Central Bank of Nigeria introduced floated the Naira via its Flexible Exchange Rate Policy, the exchange rate between the Naira and the Dollar has plummeted from about N197 to N282 to the dollar. The depreciation of the currency as we have explained in Nairametrics is expected to increase the prices of goods and services across board. This affects services provided both at the private and public sector.

One specific area where we expected an immediate impact was the exchange rate that will be used by importers to pay for import duties. The Nigerian Customs Service usually charges its duties on imported items using the official exchange rate reported by the CBN. With the official peg now removed, we had expected a new rate policy from the customs service.

Officials of The Nigerian Customs Service, have now explained how this will work as reported by several newspapers. Here is what we’ve learnt.

RelatedStories

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

July 12, 2025
Geregu Power PLC wins “Most Compliant Listed Company” at 2024 Made of Africa Awards  

Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 

July 12, 2025
  • All import duties will now be calculated based on the exchange rate at the time of placing import order.
  • If the value of goods imported are shown in a foreign currency, the duty you pay in Naira will be converted from dollar to the equivalent in Naira using the exchange rate at the time of making declaration to Customs.
  • So, if for example your application to clear your import was submitted on Monday the 4th of July, you will be charged the prevailing exchange rate of N282/$1
  • The stronger the Naira is at the date your import arrives, the less you pay in terms of custom duties.
  • The weaker the Naira is at the date your import arrives, the more you pay in terms of custom duties.
  • This rate change commenced on July 1, 2016
  • Any further changes will be in line with the official exchange rate
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 
Exclusives

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

July 12, 2025
Geregu Power PLC wins “Most Compliant Listed Company” at 2024 Made of Africa Awards  
Company Results

Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 

July 12, 2025
HealthCap Africa launches HealthTech Unicorns Report 2.0 in Lagos, charts bold future for Africa’s health innovation
Companies

HealthCap Africa launches HealthTech Unicorns Report 2.0 in Lagos, charts bold future for Africa’s health innovation

July 12, 2025
Canada
"Japa"

Canadian province shuts family reunification intake for spouses, adult dependent children until June 2026 

July 12, 2025
Lagos State orders immediate halt to reclamation activities at Orange Island over drainage violations 
Real Estate and Construction

Lagos State orders immediate halt to reclamation activities at Orange Island over drainage violations 

July 12, 2025
FG sets new rule mandating SON certificate for contractors bidding on public projects
Legal & Regulations

FG sets new rule mandating SON certificate for contractors bidding on public projects

July 12, 2025
Next Post
Nigerian Immigration Service NIS jobs, National Information Technology Development Agency, NITDA begins investigation of Banks and NIS over data breach

Is This Proof That Nigeria's Official Exchange Rate Is Rigged?

Comments 1

  1. Ofojetu Ebele says:
    July 7, 2016 at 8:38 am

    The article is quite informative. We really need to brace up to the hard times ahead.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • 10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 
  • Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 
  • HealthCap Africa launches HealthTech Unicorns Report 2.0 in Lagos, charts bold future for Africa’s health innovation

Follow us on social media:

Recent News

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

10 Lagos hospitals delivering advanced surgeries and challenging outbound medical tourism 

July 12, 2025
Geregu Power PLC wins “Most Compliant Listed Company” at 2024 Made of Africa Awards  

Geregu Power reports N13 billion Q2 2025 profit, up 61% YoY, beats Q2 forecast 

July 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics