Importers To Pay More As Customs Exchange Rate To Clear Goods at Ports Increases Again [Video]

• There is no respite yet for importers as the exchange rate to clear goods at the nation’s ports and airports has increased
• The latest data reveals that importers will pay over N1,658 when applying for Form M starting Monday
• The Nigeria Customs boss recently clarified that the Central Bank of Nigeria determines the Customs exchange rate

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has increased the Nigeria Customs duty exchange rate to clear goods at ports to N1,658.871 a dollar.

The new rate means that importers applying for Form M on Monday, November 18, will pay 0.37% more than N1,652.63 per dollar quoted the previous week.

Customs or import duty refers to the taxes and levies paid on goods imported …