Nigerian Customs Service Adjust Tariffs and Duties With FX Rate

The Nigerian Customs Service (NCS) has made some adjustments to its tariffs and duties to follow suit with the current foreign exchange rate.

The updates made can be seen on the federal government’s single-window trade portal.

Based on the information on the federal government’s single-window trade portal, the Nigerian Customs Service (NCS) increased by 3.43%, which can be described as an N26.15% increase, reaching N783.174/$ on Sunday this week.

This shows an increase from the previous rate, which was 757.023/$ that was recorded during the week.

It’s important to know that the Nigerian Customs Service (NCS) imposes customs duties in Nigeria, which are charges levied on imported goods, among other tariffs.

Although rates for items vary and usually range between 5% - 35%, these rates are determined based on the prevailing harmonized commodity and coding system (HS code).

How Last Week’s Trading Went Between the Naira and the Dollar

It was reported that on Friday, the naira appreciated against the USD in the official market window to trade at N780.14/$1. The rise witnessed shows a 27.77% increase.

The appreciation of the naira at the official market did not reflect the same at the parallel market also known as the black market where the naira fell by 3.54% to trade at N1130/$ while peer-to-peer sold around N1100/$1.