Nigeria Customs Service (NCS) has made an adjustment to the foreign exchange (FX) rate used for import duties.
Gatekeepers News reports that the new rate is now N1,373.64 per dollar, representing a 19.4 percent increase from the previous rate of N1,150.1/$ which was displayed on April 24.
The newly adopted rate by the customs was observed on Wednesday. Despite the increase, the rate set by NCS is still lower than the official foreign exchange rate, which closed at N1,390/$ on April 30.
Customs typically adopts FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official forex market.
On February 23, the CBN directed customs and other related parties to adopt the closing rate in the official window for import duty.
The apex bank instructed that the FX rate at the point of importation should be used for import duty assessment until the termination date and clearance are finalized.
Since the floating of the naira on June 14, 2023, the currency has been unstable in the FX market.
