Nigeria Customs Service (NCS) has effected two changes in the exchange rate for cargo clearance in the last four days.
The changes were made between April 18 and April 22.
On April 18, the exchange rate for import duties clearance dropped from 1238/$ to N1,147/$, a decline of N91. As at April 22, the rate had gone back up to N1150/$ today, indicating an increase of N3.
The Central Bank of Nigeria (CBN) had earlier stated in response to complaints over the frequent changes in the Customs’ Fx rate that the exchange rate on the data of the Form M application will be used in calculating the duties collection.
The NCS in collaboration with the CBN, regularly adjusts the exchange rate to align with the official market rate on the NAFEM window, resulting in frequent changes in the rate.
