Mild fluctuations recorded as customs adjusts FX rate for import duty to N1,511/$

The single window trade portal recorded mild levels of fluctuations as the Nigeria Customs Service (NCS) foreign exchange (FX) rates for import duties and tariffs increased to N1,511.35.

Observed on Wednesday on the federal government’s single window trade portal, the fluctuations in customs’ FX rate began on June 28 — three days after the Central Bank of Nigeria (CBN) granted international money transfer operators (IMTOs) access to trade on the official window.

Data from the portal showed that the agency’s FX rate was raised to N1,513.23 on June 28 — ending a stability run that began at N1,474.09 per dollar from June 15 to 27.

The NCS FX rate returned to N1,470.191/$ on June 29 and remained so till July 1. However the stability seen was shortlived as the agency adjusted the rate to N1,508.68 on July 2 and further to N1,511.35 on July 3.

Customs typically adopt FX rates recommended by the CBN for import duties based on trading activities in the official FX market.

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

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), on June 25, said the apex bank is “relatively pleased” with the progress it has made in stabilising the naira.

On July 2, the local currency traded at N1509.45 in the official window.