Imported Goods Face Hike in Prices as CBN Alters Exchange Rate Used by Nigeria Customs Service
The Customs duty payable on imported items at Nigeria’s seaports has surged following the Central Bank of Nigeria’s (CBN) recent adjustment of the official exchange rate used by the Nigeria Customs Service (NCS). The exchange rate was shifted from N770.88/$1 to N783.174/$1, marking a considerable increase. This modification is anticipated to raise the cost of…