The Nigerian Customs Service (NCS) has adjusted its foreign exchange (FX) rate for customs duties collection, reducing it by 5.3 percent to N1,544.081 per US dollar, in response to the continued appreciation of the Naira in the foreign exchange market.
According to reports, this new rate marks a decrease from the previous rate of N1,605 per USD recorded in February.
On Monday, data from FMDQ indicated that the Naira strengthened further to N1,534.19 per USD, compared to N1,548.25 previously.
It’s worth noting that the country’s customs exchange rate, set by the Central Bank of Nigeria, has seen its sixth adjustment as of February 21.
In a related development, the Centre for the Promotion of Private Enterprise (CPPE), through its Director, Muda Yusuf, advocated for the Nigerian Federal Government to peg the exchange rate for import duty at N1,000 per US dollar. This recommendation aimed to address the issue of soaring inflation, which reached 29.90 percent in January 2024.
Additionally, the Central Bank of Nigeria (CBN) issued guidelines to the Nigeria Customs Service, directing them to adopt the foreign exchange closing rate on the date of the ‘Form M’ submission by importers for the clearance of goods and assessment of import duty.
