Customs raises FX rate for import duties to N1,373/$

The Nigeria Customs Service (NCS) has adjusted the foreign exchange (FX) rate for import duties to N1,373.64 per dollar.

This represents a 19.4 percent increase compared to N1,150.1/$ displayed on April 24.

The rate adopted by customs was observed on Wednesday.

Despite the increase, the NCS rate fell below the official foreign exchange rate, which closed at N1,390/$ on April 30.

Customs typically adopt FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official forex market.

On February 23, CBN directed customs and other related parties to adopt the closing rate in the official window for import duty.

The apex bank said the FX rate at the point of importation should be used for import duty assessment until the termination date and clearance are finalised.

“This would enable the Nigeria Custom Service and the importers to effectively plan appropriately and reduce the uncertainties around varying daily exchange rate in determining their revenue or cost structure, respectively,” CBN said.

Since the floating of the naira on June 14, 2023, the currency has been unstable in the FX market.

On April 30, Kingsley Moghalu, a former deputy governor of CBN, advised the federal government to stabilise the naira at its true market value.