Nigeria Customs Import Duty Increased Due To Adjustment In Exchange Rate

President Mohammadu Buhari-led Federal Government of Nigeria recently increased the exchange rate for customs duty paid at the ports in the country.

Expectedly, this increase has led to an increase in the duty paid for cars and goods at the various ports.

The increase in the exchange rate for Nigeria customs import duty went from N326 per $1 to N361 per $1.

According to clearing agents, no prior notice or announcement was made by the government or the port authorities to alert the public about the new import duty regime.

Custom-licensed clearing agents only got to find out about the increase when they attempted to input payment details into the Customs’ server.

With this increase, cars that used to have a total duty cost of N1.35m will now pay about N1.67. That’s an increase of about N320,000.

Previous increase in the exchange rate for Nigeria customs import duty

This is the second time we are experiencing such an increase within a year. About 11 months ago, an increase from N306 per $1 to N326 per $1 was implemented.

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