Industry News

Nigeria’s customs clearance exchange rate increases


Data from the Nigeria Port Services (NCS) showed that the Central Bank of Nigeria once again raised the port clearance rate by 1.9%, from the previous N1593.888 to N1624.732.

In other words, importers who open Form M after the increase need to pay tariffs at a higher exchange rate.

At the same time, importers object to the need to use exchange rate policies when opening Form M, because this will increase trade procedures and make import and export trade more cumbersome.

Emenike Nwokeoji, chairman of the Nigeria Port Agents Association, said that using this application form will cause inconsistency in taxes and fees on the import of similar and similar products, causing more instability in the pricing structure of goods and services.

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