CBN directs NCS and related parties to use closing FX rate for import duty calculation.

The Central Bank of Nigeria (CBN) has reviewed the formula for fixing foreign exchange (FX) rates for Customs duty on importation. The CBN directed the Nigeria Customs Service (NCS) and other related parties to adopt the closing rate in the official foreign exchange (FX) window for import duty. The apex bank wants the FX rate at the point of importation to be used for import duty assessment until the termination date and clearance are finalized, in response to concerns of importers regarding irregular changes in import duty assessment levies applied by the NCS.

February 23, 2024
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