The foreign exchange rate for computing import duties by the Nigeria Customs Service has recorded a further decline following the appreciation and stability of the naira at the official FX market.
The exchange rate was further slashed by the Central Bank of Nigeria (CBN) by 1.2 percent on Monday, March 18 compared to the old rate.
According to the official trade portal of Nigeria Customs, the Customs FX duty rate was reviewed downward from N1, 612.281 per dollars to N1, 593.41 per dollars.
With the slash, importers opening Form M on Monday, March 18, for importation, will have a little relief in terms of the money that would be used to pay import duties at the arrival of the cargo compared to the importers who opened Form M last Friday.
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