CBN Only Organisation Authorised to Determine Import, Export Exchange Rate, Customs Clarifies

BY ALIMOTU SHADIA

The Nigeria Customs Service (NCS) has said that it is not responsible for the recent increase in exchange rate in its system for imported goods.

Earlier this week, the official exchange rate Customs uses to calculate import duties and levies increased from $409 to $422.3 on its portal, a move that did not go down well with stakeholders.

There are concerns that the hike would lead to increase in the cost of clearing vehicles and other goods at the country’s seaports.

A statement issued by the Public Relations Officer (PRO) of the Service, DC Timi Bomodi, today, clarified that only the country’s apex bank has the power to increase the rate.

The statement read: “The attention of the Nigeria Customs Service has been drawn to reports by some sections of the media attributing the increase in exchange rate in our system to the Nigeria Customs Service.

“Noting that the rate of exchange used to calculate duty payments is not a static phenomenon, we wish to reiterate that the Central Bank of Nigeria is the only organization vested with the authority to determine official rates as applicable for the purpose of calculating duties and other taxes applicable for import and export.

“Members of the trading public are kindly advised to go about their business dealings with the full assurances of the Service’s commitment to trade facilitation”.