- The CBN has advised the Nigeria Customs Service to apply the closing foreign exchange rate in the official window for import duty calculations.
- This came as importers have witnessed fluctuation in the price of clearing goods upon the liberalisation of the foreign exchange market
- This replaces the previous requirements specified in a 2018 Central Bank of Nigeria rule, and it takes effect from February 26
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
The Central Bank of Nigeria (CBN) has issued a guideline urging the Nigeria Customs Service to apply the closing foreign exchange rate in the official window for import duty calculations in response to concerns regarding uneven import duty assessment levies.
