Amidst efforts to stabilize the Nigerian economy, the Nigeria Customs Service (NCS) has made a significant adjustment in the foreign exchange (FX) rate for duties, setting it at N1,147.02 per dollar.
This marks a notable decrease of 7.3 percent compared to the previous rate of N1,238.1/$ observed just days earlier. The decision by customs to lower the FX rate for tariffs and duties comes in the wake of the Central Bank of Nigeria's (CBN) ongoing efforts to maintain the stability of the naira. Notably, this adjustment brings the customs FX rate below the official foreign exchange rate, which closed at N1,154/$ on the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The move coincides with President Bola Tinubu's inauguration of the national single window (NSW) project on April 16, aimed at enhancing trade efficiency in Nigeria. The NSW initiative establishes an electronic portal that integrates all stakeholders involved in import and export processes onto a unified platform.
In response to these developments, Adewale Adeniyi, the comptroller-general of the Nigeria Customs Service, expressed optimism about the progress made in consultations regarding the potential reopening of Nigeria's borders with neighboring Niger Republic and Benin Republic.
The adjustment in the customs FX rate underscores the government's commitment to facilitating trade and ensuring economic resilience amidst fluctuating exchange rates and evolving market dynamics. As stakeholders continue to monitor these developments closely, the implications of this FX rate adjustment on import-export activities, business operations, and overall economic performance remain subjects of keen observation and analysis.
