Customs FX rate for import duties drops to N1238/$

The Nigeria Customs Service (NCS) has again adjusted the foreign exchange (FX) rate for duties to N1,238.17 per dollar.

This represents a 6.8 percent decrease compared to N1,246.66/$ displayed on April 8.

The rate adopted by customs was observed on Wednesday.

It fell below the official foreign exchange rate, which closed at N1,248.5/$ on April 9 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.

On April 8, the apex bank announced the sales of forex to the bureau de change (BDC) operators at the rate of N1,101/$.

CBN reduced its rate for dollar allocation to BDCs from N1,251/$ announced on March 25.

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To further strengthen the naira, the financial regulator also directed all banks to stop the use of foreign currency-denominated collaterals for naira loans.

Meanwhile, Dele Oye, president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), on April 9, said the customs rate for import duties should be charged in naira rather than in dollars.

“The Nigerian Customs Service must collect the national currency of Nigeria. NCS must stop collecting duties using the United States Dollar rate,” Oye said.

Oye also appealed that all bonafide government transactions must be in the sovereign currency of Nigeria.