Sunday, June 22, 2025
  • Share your story
  • About
  • Contact
Economy FootPrint
  • Home
  • News & Politics
  • Opinion
  • Finance & Economy
  • Aviation
  • Editorial
  • Transport & Blue Economy
  • Features | Analysis
  • Health | Environment
Economy FootPrint
Home Finance | Insurance | Pension

CBN Reduces FX Rate For import Duty

EconomyFoot Print by EconomyFoot Print
March 18, 2025
in Finance | Insurance | Pension, News
Reading Time: 1 min read
0
Share on FacebookShare on Twitter

The Central Bank of Nigeria (CBN) has changed the Nigeria Customs Service (NCS) foreign exchange (FX) rate for import duties.

According to data from Nigeria’s trade portal observed on Tuesday, March 18, the dollar exchange rate for import duty is N1527.53

Related posts

MINISTRY OF ART, CULTURE, AND CREATIVE ECONOMY PRESENTS BUDGET PERFORMANCE REPORT TO NATIONAL ASSEMBLY

June 20, 2025
SanlamAllianz flags off 12-City Roadshow to Deepen Customer Engagement and Awareness

SanlamAllianz flags off 12-City Roadshow to Deepen Customer Engagement and Awareness

June 20, 2025

This represents a 1.29% reduction when compared to N1,547.31/$ displayed on Friday, March 14.

The customs duty for cargo clearance is set by the CBN relative to the current exchange rates.

Explaining Customs duty rate, GTB told importers:

“All importation into the country must be done by opening a form M, whether valid for FX or not. Customs duty payment can only be processed at the bank where the form M was opened except where the Bank that approved the form M is not a Duty Collecting Bank.”

The CBN had in February 2024, directed the Customs Service to adopt the same forex rate for the importation of goods to its clearance in the country.

In a circular released on its website, the CBN said the FX rate at the point of importation should be used for import duty assessment until the termination date and clearance are finalised.

Previous Post

KPMG ARRIVES BIPC FOR COMPREHENSIVE   RESTRUCTURING EXERCISE

Next Post

BIPC Commences Dealerships For Zeva Beer, Oyi Bitters

Next Post

BIPC Commences Dealerships For Zeva Beer, Oyi Bitters

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Transcorp Hilton Abuja wins The Travellers’ Review Award

2 years ago

CGC Decorates Senior Officers, Tasks Them with Mentoring Younger Generation

5 months ago
NSIA Launches $500m for Energy Investments for Nigeria

NSIA Launches $500m for Energy Investments for Nigeria

2 years ago
Cardoso Rolls Up Sleeves, Begins CBN Cleansing

EXCLUSIVE: Over 100 Staff Compulsorily Retired With Benefits as CBN Concludes Restructuring2

1 year ago

FOLLOW US

  • 86.2k Followers

BROWSE BY CATEGORIES

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

BROWSE BY TOPICS

2023 Benue Budget Abuja-Kaduna Rail Access Corporation Access pension airports concession Aviation Ayu Benue Budget Benue Community Buhari Business CBN Central Bank Dana Air Economy FGPL Herdsmen Herdsmen attacks insecurity insurance Maritime Min of Transport MSMEs NAICOM NCAA Nigeria Nigeria -Cameroon Border Post Nigeria Air NRac Onne Port ooh Orrom Ortom PDP PenCom pension Railway Sambo Jaji Transcorp Transcorp Group Transcorp Hotels Plc UBA Ukohol Wike Wildon Ideva

BROWSE BY CATEGORIES

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

Economy Footprint

The EconomyFootprint is published by Ideas Tent Communications Ltd®. All Rights Reserved.

Follow us on social media:

Recent News

  • MINISTRY OF ART, CULTURE, AND CREATIVE ECONOMY PRESENTS BUDGET PERFORMANCE REPORT TO NATIONAL ASSEMBLY
  • SanlamAllianz flags off 12-City Roadshow to Deepen Customer Engagement and Awareness
  • BNY Mellon, Standard Bank to Facilitate Access to Nigerian Naira Debt — Bloomberg

Category

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

Recent News

MINISTRY OF ART, CULTURE, AND CREATIVE ECONOMY PRESENTS BUDGET PERFORMANCE REPORT TO NATIONAL ASSEMBLY

June 20, 2025
SanlamAllianz flags off 12-City Roadshow to Deepen Customer Engagement and Awareness

SanlamAllianz flags off 12-City Roadshow to Deepen Customer Engagement and Awareness

June 20, 2025
No Result
View All Result
  • Home
  • Politics
  • News
  • Sports
  • Opinion