The foreign exchange (FX) rate for duties has once again been modified by the Nigeria Customs Service (NCS) to N1,238.17 per dollar.
This is a 6.8% decline from the N1,246.66/$ that was shown on April 8.
It dropped below the official foreign exchange rate, which ended trading at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on April 9 at N1,248.5/$.
The Central Bank of Nigeria’s (CBN) efforts to stabilise the naira are reflected in the decline in the foreign exchange rate for customs fees and duties.
On April 8, the apex bank announced the sales of forex to the bureau de change (BDC) operators at the rate of N1,101/$.
To further strengthen the naira, the financial regulator also directed all banks to stop the use of foreign currency-denominated collaterals for naira loans.
Meanwhile, Dele Oye, president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), on April 9, said the customs rate for import duties should be charged in naira rather than in dollars.
“The Nigerian Customs Service must collect the national currency of Nigeria. NCS must stop collecting duties using the United States Dollar rate,” Oye said.
Oye also appealed that all bonafide government transactions must be in the sovereign currency of Nigeria.
