The Nigerian Customs Service (NCS) has effected an upward review of its tariffs and duties 757.023/$ to N783.174/$ as of Sunday.
The updated rates are already visible on the federal government’s single-window trade portal.
The NCS said the price change is to align with changes in the foreign exchange rate.
Information available on the portal, shows that the NCS exchange rate has increased by 3.43 per cent, which is about N26.15.
This marks an increase from the previous rate of 757.023/$ that was recorded during the week.
The NCS imposes customs duties in Nigeria, which are charges levied on imported goods, among other tariffs.
Different items are subject to varying rates, usually ranging from 5 per cent to 35 per cent, and these rates are determined based on the prevailing harmonized commodity and coding system (HS code).
On Friday, the naira appreciated against the USD in the official market window trading at N780.14/$1. Its rise represents a 27.77% increase.
However, the appreciation of the naira on the official window did not translate to the parallel market where the naira depreciated by 3.54%, quoted at N1130/$1, while peer-to-peer traders quoted around N1100/$1.
