The Nigeria Customs Service (NCS) has implemented a significant adjustment in foreign exchange (FX) rates for import duties, setting it at N1,474.69 per dollar as of Friday. This marks a notable increase of N278 or 23.2% compared to the previous rate of N1,196.61/$ set on Thursday, May 30.
The updated rate, visible on the Federal Government’s single window trade portal, reflects the Customs’ adherence to FX rates recommended by the Central Bank of Nigeria (CBN) in line with official market trading activities.
While the Customs rate remains slightly below the official FX rate of N1,484/$ recorded at the close of trade on May 30, recent discussions within the presidential committee on fiscal policy and tax reforms advocate for a different approach.
Related NewsNigeria Customs Service Raises Import Duty FX Rate to N1,441/$
Chairman Taiwo Oyedele highlighted concerns regarding the FX market’s volatility, urging the adoption of a fixed exchange rate of N800 per dollar for customs import duties. The committee emphasizes that since the government uses N800/$ for budget planning, aligning the import duty FX rate would streamline operations and potentially curb inflation by reducing importation costs.
This move underscores ongoing efforts to stabilize Nigeria’s FX market and mitigate economic fluctuations, with implications for businesses and consumers alike.
