Customs Raised Foreign Exchange Rate For Import Duties To N1,441 Per Dollar

THE Nigeria Customs Service (NCS) has amended the foreign exchange rate for import charges to N1,441.58 per dollar, a 4.94 percent increase from the previous rate of N1,373.64 per dollar announced on May 1.

This change was made on Friday via the Federal Government's single window trade site, where customs periodically align their rates with those recommended by the Central Bank of Nigeria, CBN, based on trading activity in the official FX market.

It's worth noting that the current NCS rate exceeds the official foreign exchange rates of N1,402 per dollar reported on May 2 and N1,390 per dollar on May 1.

Yusuf emphasized that such oscillations have a negative impact on several aspects of the economy, including planning, production, and other real-sector operations, because they bring uncertainty.