Nigeria Customs Service Increases Foreign Exchange Rate for Import Duties to N1,441.58/$

The Nigeria Customs Service (NCS) has announced a hike in 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/$ adopted on May 1.

This adjustment was observed on Friday through the federal government’s single window trade portal. Customs typically follows FX rates recommended by the Central Bank of Nigeria (CBN) for import duties, based on trading activities in the official FX market.

The new rate surpasses the official FX rate of N1,402/$ recorded on May 2, and N1,390 traded on May 1. According to the CBN’s directive on February 23, customs and related parties must adhere to the closing rate in the official window for import duty calculations. The FX rate at the point of importation should be utilized for import duty assessment until the termination date, and clearance procedures are finalized.

However, Muda Yusuf, the Chief Executive Officer (CEO) of the Centre for the Promotion of Private Enterprise (CPPE), expressed concerns about the implications of such fluctuations on the economy. He noted that frequent changes in FX rates could adversely affect real sector activities, including planning, production, and other economic endeavors.