Only CBN Can Determine Import, Export Exchange Rate

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

In a statement, yesterday, the NCS’ National Public Relations Officer (PRO), Timi Bomodi, absolved the service of the exchange rate increase, saying it is only the Central Bank of Nigeria (CBN) that has the power to do so.

The statement reads: “The attention of the Nigeria Customs Service has been drawn to reports in 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 organisation 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.”

Earlier in the 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, who expressed concerns that the hike would lead to increase in the cost of clearing vehicles and other goods at the country’s seaports.