The Nigeria Customs Service (NCS) has reported an impressive revenue generation of N1.3 trillion in the first quarter of 2024.
This marks a significant increase of 122.35 percent compared to the same period last year, showcasing remarkable performance in revenue collection.
The Comptroller -General of Customs, Mr. Adewale Adeniyi, disclosed this during a press briefing, highlighting over 572 seizures with a duty-paid value of N10 billion.
Mr. Adeniyi also mentioned that the successful launch of an electronic auction platform in the first quarter, which generated a total of N1.6 billion. However, amidst these achievements, the service faced challenges due to fluctuations in the exchange rate regime, disrupting its activities.
The customs boss outlined that in the last quarter, the Central Bank of Nigeria (CBN) directed 28 rates, ranging from N 951.94 per USD 1 in January 2024 to a peak of N 1,662.35 per USD 1 in February 2024. March witnessed a total of 13 different spot rates applied, leading to an average applied exchange rate of NGN 1,314.03 per USD 1 in the clearance of customs goods during the quarter.
Despite the disruptions caused by exchange rate fluctuations, the service remains focused on meeting its revenue goals and addressing operational challenges effectively.
