Sunday, June 1, 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

Terrorist Kingpin Abu Fatima Eliminated  In Borno

May 31, 2025
OPFY: Our Non-Kinetic Operations Secured Release Of Over 100 Kidnapped Victims – General Opurum

OPFY: Our Non-Kinetic Operations Secured Release Of Over 100 Kidnapped Victims – General Opurum

May 31, 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Your email address will not be published.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

LG Autonomy Judgement :A Significant Milestone In Grassroot Development – Matawalle

11 months ago

Palestine -Isreal War: Shawesh Call On Red Cross To Fulfill Protocols Regarding Corpse Delivery

8 months ago

Customs Contribution Crucial for Actualising Proposed Nigeria’s ₦48 Trillion 2025 Budget – Finance Minister

5 months ago

Jubilation as CGC Orders Subsidised Sale of Smuggled PMS to Yola Residents

6 months 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

  • Terrorist Kingpin Abu Fatima Eliminated  In Borno
  • OPFY: Our Non-Kinetic Operations Secured Release Of Over 100 Kidnapped Victims – General Opurum
  • Northwest Is Safer Since Commencement of Operation Fansan Yamma

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

Terrorist Kingpin Abu Fatima Eliminated  In Borno

May 31, 2025
OPFY: Our Non-Kinetic Operations Secured Release Of Over 100 Kidnapped Victims – General Opurum

OPFY: Our Non-Kinetic Operations Secured Release Of Over 100 Kidnapped Victims – General Opurum

May 31, 2025
No Result
View All Result
  • Home
  • Politics
  • News
  • Sports
  • Opinion