The exchange rate for import duties collection by the Nigeria Customs Service (NCS) has risen to N1508/$.
The current rate is the highest in the past three months since March 21, when the exchange rate surged to N1,572/$.
This represents an increase of N38 from the previous figure of N1470/$.
The current increase in the FX rate for customs duties collection reflects the recent weakening of the naira on both the official and parallel window .
There was some level of stability in the FX market in June, as a result of which the customs exchange rate fluctuated between N1,473 and N1,510, closing the month at N1,505.30/$1, indicating a 1.3 per cent depreciation for the month.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele had stated that the FX rate for import duties will be pegged to the rate used in the 2024 budget which is N800/$ but this is yet to be implemented.