Customs Raises Exchange Rate for Import Duties by 42.6% to N1,356/$1

By Aduragbemi Omiyale

The exchange rate for import duties on goods brought into the country by importers has been raised by the Nigeria Customs Service (NCS) by 42.6 per cent to N,356/$1 from N951/$1.

The action followed the latest devaluation of the Nigerian currency by the Central Bank of Nigeria (CBN) this week.

The upward adjustment in the foreign exchange (FX) rate is expected to cause increase in the prices of goods, especially foreign products.