The Nigeria Customs Service (NCS) has adjusted the exchange rate for cargo clearance from N783/$ to N952/$ representing a 22.8% increase. Checks by Nairametrics on the federal government’s single-window trade portal of the customs service revealed that the prior exchange rate of N783.17 to the USD has been reviewed upward to N951.94. The Nigeria Customs Service imposes duties before imported cargoes are cleared from the ports. These fees range from 5% to 35% as determined by the harmonized commodity and coding system (HS code). The custom service generates revenues…
Read MoreN952/$: Nigerian Customs Adjusts Exchange Rate For Cargo Clearance
