Transcribed

Nigerian Customs Service to Use Forex Rate for Import duty

Feb 26, 2024 · 51s
Nigerian Customs Service to Use Forex Rate for Import duty
Description

The Central Bank of Nigeria has pegged the duty rates to be paid by importers to the Nigerian Customs Services during goods clearance. The bank instructed the Customs to utilise...

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The Central Bank of Nigeria has pegged the duty rates to be paid by importers to the Nigerian Customs Services during goods clearance. The bank instructed the Customs to utilise the FX closing rate on the date of the ‘Form M’ submission by importers for the clearance of goods and import duty assessment. The Director of Trade and Exchange Department, Hassan Mahmud, says this measure aims to tackle the volatility and frequent updates on the customs website concerning the liberalisation of the foreign exchange market.
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Author Africa Business Radio
Organization Africa Business Radio
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