The foreign exchange rate for the Nigeria Customs Services’ (NCS) cargo clearance in ports and other goods entry points has dropped to N1260.49/$ from N1330/$ in the past few days.
The current exchange rate for customs import duties and cargo clearance payment is higher than the official foreign exchange market rate of the Naira and the USD.
The National Association of Block Moulders of Nigeria (NABMON) has appealed to the Federal Government to lower the import taxes on cement production materials to increase foreign investments and reduce the price of cement in the country.
The Central Bank of Nigeria (CBN) has slashed the exchange rate for customs import duties collection to the lowest in eight weeks.
The exchange rate used for calculating customs import duties and cargo clearance has decreased for the fifth time in under two weeks, moving from N1,612 per dollar on March 15th to N1,405.46 per dollar currently.
The exchange rate charged by the Nigerian Customs Service (NCS) for cargo clearance and import duties collection has dropped significantly from N1572.5/$ to N1448.38 to the USD.
The Central Bank of Nigeria has reduced the exchange rate for cargo clearance at Customs area command to N1572.50 from N1593.41 just two days ago. This represents a drop of N20.91 in just a few days.
The Nigerian Customs Service (NCS) has declared a three-month period for the regularization of import duties for certain vehicle categories improperly imported into the country.
Peter Obi, the Labour Party’s presidential candidate in the last general election, has alerted the federal government that the continuous rise in the exchange rate for cargo clearance is negatively impacting businesses and driving up inflation across the nation.
