Customs to Use Exchange Rate on Date of ‘Form M’ for Import Duty Assessment – CBN
CBN Directs Customs: Use Form M Exchange Rate for Import Duty Calculation. In a recent directive, the Central Bank of Nigeria (CBN) has instructed the Nigerian Customs Service (NCS) to adopt the foreign exchange (FX) closing rate on the date of ‘Form M’ submission by importers for the assessment of import duties and clearance … Read more