The Nigerian Customs Service, NCS, has increased the foreign exchange rate for its tariffs and duties.

As of press time, the new rates were reflected on the single window trade portal of the federal government.

According to information on the portal, the NCS exchange rate has gone up by 1.59 per cent or N12.37 to N783.174/$, from the former rate of N770.88/$.

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

Consequently, the amount used to clear goods — including the 47 items at Nigerian ports has increased.