The Nigeria Customs Service (NCS) has bumped the foreign exchange (FX) rate for import duties to N1,441.58 per dollar. This rise signifies a 4.94 percent increase compared to the previous rate of N1,373.64 per dollar set on May 1. The new rate was spotted on Friday on the federal government’s single-window trade portal.
Customs usually follow FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official FX market. This new rate is higher than the official FX rate of N1,402 per dollar recorded on May 2 and N1,390 traded on May 1.
As per the directive from the CBN on February 23, the customs and other relevant parties must adhere to the closing rate in the official window for import duty. The apex bank specified that the FX rate at the point of importation should be utilized for import duty assessment until the termination date and clearance are finalized.
In response to this development, Muda Yusuf, the chief executive officer (CEO) of the Centre for the Promotion of Private Enterprise (CPPE), expressed concerns about the potential negative impact on the economy. He highlighted that such fluctuations could adversely affect real sector activities like planning, production, and other economic endeavors.
