The Nigeria Customs Service (NCS) has revised the foreign exchange (FX) rate for import duties, setting it at N1,474.69 per dollar as of Friday.

This new rate signifies an increase of N278, or 23.2 percent, compared to the previous rate of N1,196.61/$ that was in place on Thursday, May 30.

Reports indicate that the updated rate was visible on the Federal Government’s single window trade portal on Friday.

The Customs Service typically adopts FX rates recommended by the Central Bank of Nigeria (CBN) for import duties, based on trading activities in the official FX market.

Interestingly, the new Customs rate is slightly below the official FX rate of N1,484/$ that was recorded at the close of trading on May 30.

In related news, the presidential committee on fiscal policy and tax reforms has urged the federal government to set the customs import duty exchange rate at N800 per dollar.

Taiwo Oyedele, Chairman of the Committee, highlighted concerns about the fluctuating import duty rate, which is influenced by the volatile FX market. During a presentation of the committee’s recommendations, Oyedele noted that since the government used N800/$ for budget planning, it would be consistent to apply the same rate for import duty collection.

He also mentioned that adopting the proposed FX rate for import duties could lower importation costs, thereby helping to curb inflation.




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