Business News

Customs says CBN-approved forex rates for import duty has caused disruptions

The Nigeria Customs Service (NCS) revealed that the service encountered major challenges with the fluctuations of the Central Bank of Nigeria (CBN) exchange rate regime for import duty, which it says has disrupted its activities.

This was made known by the Comptroller General of Customs, Adewale Adeniyi, while speaking during a press briefing on Wednesday, April 3, 2024, in Abuja, where he noted that 13 different spot rates applied in March.

Adeniyi said that the repercussions of these fluctuating rates have sent concerning signals to stakeholders, affecting and disrupting activities.

Adeniyi, however, expressed delight in the relative stability in the past days, adding that the Service, with the support of the Minister of Finance, Wale Edun, has initiated periodic consultations with the apex bank to mitigate the potential impact of exchange rate fluctuations on import activities.”

Meanwhile, Adeniyi at the press briefing disclosed the service generated a total of N1.3 trillion as revenue for the first quarter (Q1) of 2024, representing a 122.35% increase over the corresponding time of 2023 when the service collected N606.1billion.

He attributed the feat to the dedication of the officers and cooperation with stakeholders, besides the suppression of smuggling and accelerated trade facilitation.

Adeniyi also a total of N1.6 billion was generated through its electronic auction platform launched in the first quarter of the year.