Business

Customs Hikes FX Rate For Import Duties

This adjustment was noted on Friday via the federal government’s single window trade portal.

By Johnson Atoukudu

The Nigeria Customs Service (NCS) has hiked the foreign exchange (FX) rate for import duties to N1,441.58 per dollar, marking a 4.94 percent increase from the previous rate of N1,373.64/$ set on May 1.

This adjustment was noted on Friday via the federal government’s single window trade portal, with customs typically aligning its rates with those recommended by the Central Bank of Nigeria (CBN). The new rate surpasses the official FX rates of N1,402/$ on May 2 and N1,390 on May 1.

Per the CBN’s directive on February 23, customs and affiliated parties are obligated to adhere to the closing rate in the official window for import duty calculations until the clearance process concludes.

Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), expressed concerns over such fluctuations, warning of adverse effects on the economy’s real sector activities, including planning and production.

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