Tag: Customs Duty
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CBN increases Customs Duty as Naira further nosedives against US Dollar in latest exchange rate
The Central Bank of Nigeria (CBN) has adjusted the exchange rate for Customs duties at the nation’s seaports by 11.1 per cent due to the devaluation of the naira against the United States (US) dollar in the foreign exchange market. The new Customs FX duty rate is now ₦1,277.526/$, up from the previous rate of…
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CBN amends formula for fixing FX rates for Customs Duty on importation
The Central Bank of Nigeria (CBN) has reviewed the formula for fixing foreign exchange rates for Customs duty on importation.
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Reps order banks to suspend collection of customs duty
The House of Representatives Committee on Customs has asked the Nigeria Customs Service to suspend banks owing the service from further