The Nigerian Customs Service (NCS) has modified the foreign exchange rate applied to its tariffs and duties, with the updated rates now visible on the federal government’s single window trade portal.
The NCS exchange rate has risen by 1.59%, reaching N783.174/$, up from the previous rate of N770.88/$.
These rates, which vary based on items, ranging from 5% to 35%, are determined by the harmonized commodity and coding system (HS code).
Notably, the recent lifting of the ban on 43 previously restricted items by the Central Bank of Nigeria (CBN) has contributed to increased costs for clearing goods, including the aforementioned 47 items, at Nigerian ports.
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