The Nigeria Customs Service (NCS) has announced an increase in the foreign exchange (FX) rate for import duties to N1,441.58 per dollar, marking a 4.94% rise from the previous rate of N1,373.64/$ set on May 1.
This adjustment, observed on Friday via the federal government’s single window trade portal, follows the customs’ practice of adopting FX rates recommended by the Central Bank of Nigeria (CBN) for import duties, reflecting trading activities in the official FX market.
The new rate exceeds the official FX rate of N1,402/$ recorded on May 2 and N1,390 traded on May 1. According to CBN directives from February 23, customs and related parties are required to utilize the closing rate in the official window for import duty assessment until the clearance process is finalized.
However, Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), expressed concerns regarding the frequent changes, noting potential negative impacts on the economy’s real sector activities, including planning and production.
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