Nigeria Customs Reduces FX Rate For Import Duties

 

The Nigeria Customs Service (NCS) has revised its foreign exchange (FX) rate for tariffs and duties to ₦1,480 per dollar.

 

This new rate is now visible on the federal government’s single-window trade portal.

 

The NCS exchange rate decreased by 3.28 percent from ₦1,530/$ on May 17. This customs rate was slightly lower than the official FX rate of ₦1,510/$ at the end of trading on May 24.

 

Customs typically follow FX rates recommended by the Central Bank of Nigeria (CBN) for import duties, based on activities in the official FX market. As of the close of today’s trade, the Nigerian currency has appreciated to ₦1,339.33/$.

 

On May 16, the director-general of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, emphasized the importance of customs establishing a quarterly exchange rate ranging from ₦800/$ to ₦1000/$ for the assessment of import duties.

 

Yusuf highlighted that the ongoing fluctuations have a direct impact on inflation.

 

He further stated that implementing a stable exchange rate is crucial in order to mitigate the inflationary consequences of rising trade expenses.