The Nigeria Customs Service (NCS) has hiked the foreign exchange (FX) rate for import duties to N1,441.58 per dollar, marking a 4.94 percent increase compared to the previous rate of N1,373.64/$ set on May 1. This adjustment was noted by customs officials last Friday on the federal government’s single window trade portal.
Customs typically follows FX rates recommended by the Central Bank of Nigeria (CBN) for import duties, reflecting trading dynamics in the official FX market. Notably, this new rate surpasses the official FX rate of N1,402/$ on May 2 and N1,390 traded on May 1.
It’s worth recalling that, as per CBN’s directive on February 23, customs and other relevant entities are obliged to adopt the closing rate in the official window for import duty purposes. The apex bank emphasized that the FX rate at the time of importation must be used for assessing import duties until the clearance process concludes.
However, Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), expressed concerns over such fluctuations, warning of potential adverse effects on the economy. He highlighted how these frequent changes could negatively impact the real sector, affecting planning, production, and other economic activities.
