The import duty rate in Nigeria remained stable in April, with no changes recorded since the beginning of the month. The customs portal showed stability on April 6 and 7, with the rate remaining at N1,251.2 per dollar. The Central Bank of Nigeria is yet to update its portal with the current rate.
At the beginning of April, the import duty rate stood at N1,330. 26 and remained unchanged till April 4.The customs portal recorded some stability on April 6 and 7 as the import duty rate remained at N1,251.2 per dollar.The customs typically adopts FX rates recommended by the Central Bank of Nigeria for import duties based on trading activities from the country’s official forex market .
Since the beginning of the year, the apex bank under the leadership of Olayemi Cardoso, has introduced several policies to improve the FX market and strengthen the naira. Part of the interventions includes the occasional sale of dollars to the bureau de change operators to ensure sufficient liquidity in the market.In the first tranche, each “eligible” BDC was allocated $20,000 at the rate of “N1,301/$, while the second tranche of $10,000 wasFollowing the interventions, the apex bank said the economy recorded over $1.5 billion inflow in March.On April 8, CBN announced another sale of dollars to the BDC operators at the rate of N1,101/$.
According to the apex bank, each BDC operator is to sell the dollars to eligible customers at a rate not exceeding 1.5 percent above the purchase price.On February 23 the CBN customs and other related parties to adopt the closing rate in the official foreign exchange window for import duty.Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!
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