The Nigeria Customs Service, NCS, has once more adjusted the foreign exchange, FX, rate for duties to N1,238.17 per dollar.
This shows a 6.8 percent decrease compared to N1,246.66 per dollar it exchanged on Monday, April 8.
The new rate adopted by customs was seen on Wednesday, April 9, as it fell below the official foreign exchange rate, which closed at N1,248.5 per dollar on April 9 at the Nigerian Autonomous Foreign Exchange Market, NAFEM.
The drop in the foreign exchange rate for customs tariffs and duties is coming amid the Central Bank of Nigeria’s effort to stabilize the naira.
On April 8, CBN announced the sales of forex to the Bureau De Change, BDC, operators at the rate of N1,101 per dollar.
The apex bank reduced its rate for dollar allocation to BDCs from N1,251 per dollar announced on March 25.
To further empower the local currency, the CBN also directed all banks to stop the use of foreign currency-denominated collaterals for naira loans.
Meanwhile, the president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Dele Oye, on Tuesday, 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.
He also appealed that all bonafide government transactions must be in the sovereign currency of Nigeria.
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