Customs increases FX rate for collection of duties from N770/$ to N783/$

The Nigerian Customs Service has increased the foreign exchange rate for its tariffs and duties from N770 to the dollar to N783 to the dollar.

The new rates were reflected on the single window trade portal of the federal government.

Last month, the Central Bank of Nigeria (CBN) announced the lifting of the ban on 43 items previously restricted from accessing forex.

Consequently, the amount used to clear goods at Nigerian ports has increased.