The Nigeria Customs Service adjusts import duty FX rate to N1,474.69 per dollar, marking a 23.2% increase from the previous rate. This change, reflected on the government's trade portal, aligns with customs' practice.
The Nigeria Customs Service (NCS) has increased the foreign exchange (FX) rate for import duties to N1,474.69 per dollar, marking a 23.2 percent rise from the previous rate of N1,196.61/$.
This adjustment, observed on the federal government's trade portal, aligns with customs' practice of adopting rates recommended by the Central Bank of Nigeria (CBN).
However, it remains slightly lower than the official FX rate of N1,484/$. The presidential committee on fiscal policy and tax reforms recently proposed a fixed exchange rate of N800 per dollar for customs import duty, aiming to stabilize import duty rates amidst FX market volatility.
Committee chairman Taiwo Oyedele highlighted the potential benefits, including price reduction in importation, aiding inflation control, and budget planning consistency with the government's budgeted exchange rate.
