IMPORTED ITEMS WILL COST MORE AS FG MODIFIES THE CUSTOMS EXCHANGE RATE.

Babatunji Wusu –

Modifications to the Nigerian Customs Service’s (NCS) exchange rate computations for import levies have been announced by the federal government of Nigeria.

Only five months have passed since the CBN floated the Naira. As to a report published in The Guardian, the Nigerian Customs Service (NCS) exchange rate estimates of import charges were modified by the Federal Government yesterday, from N770.88/$ to N783.174/$.

Just as importers and clearing agents were stating that the new rates will direct them when they create quotes for new jobs and capture for payments, the changes were formally reflected on the NCS portal.

The modification is compliant with the CBN’s recent resolution to permit banks to provide foreign currency for sale at rates set by the market.

In keeping with President Bola Tinubu’s pledge, the shift to a single currency rate system was made with the intention of promoting economic stability.