For the fifth time this year, the Central Bank of Nigeria (CBN) has increased the exchange rate for computing Customs Duties at the nation’s seaports.

According to information obtained from the official trade portal of the Nigeria Customs Service, the rate was reviewed upward earlier today, from one thousand four hundred and forty-four naira fifty-six kobo per dollar (N1, 444.56/$) to one thousand four hundred and eighty-one naira fourty-eight kobo (N1, 481.482/$).

This means importers will be paying more to clear their goods as import duties are benchmarked against the dollar. The present review by the apex bank represents a 2.6 percent increase in the Customs duty rate and an increase of thirty-six naira, ninety-two kobo (N36.92) per dollar compared to the previous rate of one thousand four hundred and forty-four naira fifty-six kobo per dollar (N1, 444.56/$).