CBN authorizes a 1.9% decrease in the rate of customs forex tax

Industry participants have pointed out that the problems with clearing cargo from Nigerian ports could not be resolved by the decrease in FX fees.A decrease in the exchange rate costs for paying customs duties in Nigerian seaports has been announced by the Central Bank of Nigeria (CBN).Details gathered from the Nigeria Customs Service's (NCS) official trade portal indicate that as of Thursday, February 29, 2024, the Customs Foreign Exchange Duty rate decreased from ?1, 662.35/$ to ?1630.159/$.Compared to the previous day's rate of ?1, 662.35/$, which was in effect on Wednesday, February 28, 2024, this decline signifies a fall of 1.9%.