The exchange rate charged by the Nigerian Customs Service (NCS) for cargo clearance and import duties collection has dropped from N1,572.5/$ to N1,448.38/$.
This is a reduction of N124.12 from the previous figure.
This is in tandem with the exchange rate on the CBN’s official window which was N1431/$ as of last Friday, which was the last trading day of the week.
The exchange rate for import duties payment on the Customs portal, which reached its highest rate of N1,624.7/$ as of the second week of March, has been declining, as the naira continues to strengthen in the FX market.
The Nigeria Customs had earlier stated that the exchange rate for cargo clearance will follow the CBN’s official rate.
The apex bank on the other hand had addressed the frequent changes on the customs exchange rate and the attendant confusion stating that the exchange rate on the date of opening the ‘Form M’ would be used for import duties assessment.
