The Nigeria Customs Service (NCS) has implemented a revision to its foreign exchange (FX) rate for calculating tariffs and duties, setting it at N1,246 per dollar.
This adjustment was noted on the federal government’s single window trade portal on Monday, April 8, 2024.
The new rate signifies a decrease of 6.31 percent from N1,330.26/$ on April 1 to N1,246.67 as of April 8.
Earlier this year, the customs had made several adjustments to the exchange rate for import duties. Starting from February 2, the rate was revised from N951.94 to N1,356.88/$, then raised to N1,413.62 on February 3. Subsequent increases followed on February 10 to N1,417.63, February 12 to N1,444.56, and February 14 to N1,481.48.
By the beginning of April, the rate stood at N1,330.26 and remained unchanged until April 4. However, a downward trend began on April 5, when the rate dropped to N1,260.49 per dollar. Stability was observed on April 6 and 7, with the rate holding at N1,251.2. The latest check on April 8 revealed a further reduction to N1,246.67.
Typically, the customs aligns its FX rates with those recommended by the Central Bank of Nigeria (CBN) based on trading activities in the official forex market.
