Nigeria Nigeria Customs Service Raises Cargo Clearance Exchange Rate by 22.8% to N952/$

The Nigeria Customs Service (NCS) has implemented a substantial exchange rate adjustment for cargo clearance, increasing it from N783/$ to N952/$, marking a significant 22.8% rise.

This adjustment, visible on the federal government's trade portal, impacts duties imposed on imported cargoes during clearance.

With fees ranging from 5% to 35%, determined by the harmonized commodity and coding system (HS code), the NCS generates considerable revenue.

This move follows a previous increase in November, highlighting the country's ongoing exchange rate challenges amid efforts to clear a reported backlog of around $7 billion by the Central Bank.

The fluctuating exchange rates indicate the complexities of Nigeria's currency situation since the central bank's policy shift in June, allowing market forces to influence the naira's value.

The Customs' decision aligns with broader economic shifts and underscores the challenges posed by the nation's evolving exchange rate landscape.