Section 3: Fees and duties payable by importers

(1) All importers shall pay into a special account designated for that purpose in the Central Bank, fees calculated as 1 per cent ad valorem of the FOB value of all imports assessed by the inspecting agent or such per centum of the FOB value of goods inspected as may be prescribed by the Federal Government of Nigeria from time to time, based on the exchange rate prevailing at the previous week of inspection as determined by the Central Bank.
(2) All duties assessed as payable by the importers in respect of goods inspected by the inspecting agent shall be payable by the importers in accordance with procedures contained in the applicable guidelines as may be issued by the Federal Government of Nigeria as required and shall be based on the average autonomous rate of exchange of the previous week as determined by the Central Bank.