The Nigeria Customs Service has again adjusted the foreign exchange rate for clearing imported goods at Nigerian ports.

This move, intended to reflect the performance of the Naira against the dollar across the foreign exchange markets, will impact importers who will now have to pay more to bring in their goods.

The adjustment, the fifth of its kind since June 2023, is expected to result in increased costs for items such as cars, mobile phones, and other foreign goods.

According to data from the federal government’s single-window trade portal, importers will now pay N1,356.88/$, representing a significant 29.84% increase compared to the previous rate of N951.94/$. The continuous adjustments in import duty rates over the past few months, including the latest one, are attributed to the fluctuations in the Naira’s value against the dollar.

The Customs Comptroller General, Adewale Adeniyi, clarified that the Nigeria Customs Service (NCS) does not fix rates independently but follows the guidelines set by the Central Bank of Nigeria (CBN) in the context of the floating foreign exchange rate regime.

Adeniyi emphasized, “What we do is just to update our systems. It is not about Customs reducing or increasing the exchange rate. We have nothing to do with whether the exchange rate goes up or comes down.” He reiterated that the NCS adheres to the regulations prescribed by the CBN.

The impact of this new exchange rate is significant for importers navigating Nigeria’s seaports, as the adjustment directly influences import duty tariffs. Items like used vehicles, mobile phones, electronics, and various other foreign products are expected to experience a surge in value in the coming weeks.