2024-02-23 | TED/FEM/PUB/FPC/001/007

Foreign Exchange Rates for Import Duty Assessment

The Central Bank of Nigeria has issued a notice to authorized dealers, the Nigerian Customs Service, and the public regarding foreign exchange rates for import duty assessment. The notice states that the closing FX rate on the date of opening Form M for importation will be used for duty assessment, providing stability and reducing uncertainties in pricing structures. This new regulation takes effect on February 26, 2024, and supersedes previous requirements in the CBN Foreign Exchange Manual.

Nigeria

Central Bank of Nigeria

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