NewStats: 3,262,465 , 8,177,209 topics. Date: Monday, 02 June 2025 at 11:16 AM j133c

Customs reduces exchange rate for import duties payment by N91.1

The Nigeria Customs Service (NCS) has reduced the exchange rate for import duties collection from N1238.1 to the dollar to N1,147/$. This represents a decline of N91.1 since the last reduction on April 10th April.

The customs exchange rate for duties collection has stayed at N1238/$ for over a week now- the longest it has stayed at a particular rate in recent times.

The Nigeria Customs Service (NCS) through the CBN has consistently fixed the exchange rate to reflect then official market rate on the NAFEM window hence the regular changes in rate.

Strengthening of the naira

The naira in the past one month has strengthened significantly in both in official and parallel market occasioned by the reforms instituted by the CBN. Some of the reforms include; selling USD to BDCs at N1101/$, cash pooling for IOCs which limited the amount of FX they could repatriate immediately and others.

The significant gains in the value of the naira in recent time has made the Analysts at Goldman Sachs predict the naira to be one of the best performing currencies globally.

In an interview, the President of the Association of Bureau De Change Operators (ABCON) stated that BDC operators were buying dollars at N980/$– a figure far below the FX rate on the official window.

Decline in FX reserve

In recent times, many have accused the management of the apex bank for defending the naira with the country foreign reserve on the back of observed declines in the FX reserve.


Nairametrics earlier reported that Nigeria’s foreign reserve dropped by over $2 billion in the past one month. According to the report, the FX reserve dropped from $34.45 billion to $32.29 billion- the lowest in about six years.

However, the Governor of the CBN, Yemi Cardoso in an engagement during the World Bank-IMF spring summit noted that the bank does not intend to defend the naira rather the decline in the foreign reserve was due to payment of external debt obligation.

https://nairametrics-com.cdn.ampproject.org/v/s/nairametrics.com/2024/04/19/customs-reduces-exchange-rate-for-import-duties-payment-by-n91-1/?amp_js_v=a6&amp_gsa=1&amp=1#referrer=https%3A%2F%2Fwww.google.com&amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Fnairametrics.com%2F2024%2F04%2F19%2Fcustoms-reduces-exchange-rate-for-import-duties-payment-by-n91-1%2F

Thats common sense reduction. Dollar is falling, it should reflect across the economy including custom charges.

It is still high

June last year, it was increased from 422 naira to a dollar to 589 naira to a dollar.

Customs are still charging high... That is why things are still expensive

What is Mele Kyari waiting for ?

H

shuttox:
It is still high

You're a joke, a very big joke. You guys just sit behind your phone spewing trash. Would you rather we encourage excessive importation at the detriment of the naira?, knowing the much lower the custom rate, the more pressure on the dollar. At this point, we can't afford too low custom rate while stabilizing the naira, else it will be counter-productive.

PressMyButton:

You're a joke, a very big joke. You guys just sit behind your phone spewing trash. Would you rather we encourage excessive importation at the detriment of the naira?, knowing the much lower the custom rate, the more pressure on the dollar. At this point, we can't afford too low custom rate while stabilizing the naira, else it will be counter-productive.

Good point! We need to do more export than import

That amount still high...No wonder things are still expensive

Later some misguided fellows will still find a way to blame ordinary Nigerians making ends meet.

balablu is just waking up, nkan ti baje already.

Good

Nigeria o Nigeria...


Fantastically corrupt corntree

Why not they make it free

PressMyButton:

You're a joke, a very big joke. You guys just sit behind your phone spewing trash. Would you rather we encourage excessive importation at the detriment of the naira?, knowing the much lower the custom rate, the more pressure on the dollar. At this point, we can't afford too low custom rate while stabilizing the naira, else it will be counter-productive.

The effort should be on completely removing export bottlenecks.
What you don't realize is that it's easier to import into Nigeria than it is to export out of Nigeria.
Also, in reality, customs shouldn't be focused on generating revenue. How can a gatekeeper be charged with generating revenue?

Nigeria will be great again...

All enemies of Nigeria are welcome to genuinely hands to repair this nation or allow their hatred for Nigeria lead them to early grave.... The choice is theirs to make

Enforcing price reductions have to start with the import duty

Good ,we thought we are getting there gradually but voila it might be sooner than later.

N

Will they hear.
Greedy importers...

This make no difference

Price of commodities is still on the high side

Minimum wage has gone mum

When will the poor breath in this APC regime

BlocksNG:
balablu is just waking up, nkan ti baje already.

It's not that easy!
Economics is not jus 2+2=4


I pray you become president one day!

DesignMaestro:
Customs reduces exchange rate for import duties payment by N91.1




https://nairametrics-com.cdn.ampproject.org/v/s/nairametrics.com/2024/04/19/customs-reduces-exchange-rate-for-import-duties-payment-by-n91-1/?amp_js_v=a6&amp_gsa=1&amp=1#referrer=https%3A%2F%2Fwww.google.com&amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Fnairametrics.com%2F2024%2F04%2F19%2Fcustoms-reduces-exchange-rate-for-import-duties-payment-by-n91-1%2F

but why the prices of commodities not reducing but increasing instead?

God bless Tinubu

Ok

smokinloud:
God bless Tinubu

as you say to

This is something that ought to have been done, instead it was increased multiple times by this ev1il people

That's cool

Impressive

Nigeria currupt system won't allow me to, no hope for common man.

KennethOkonkwo:


It's not that easy!
Economics is not jus 2+2=4


I pray you become president one day!

Tonytonex:
but why the prices of commodities not reducing but increasing instead?

ask food vendors

They hv eyes, but they don't care to see.

Not addressing the root cause of inflation & prices of goods - services & simultaneously pegging prices of goods & services is indeed, most evil!

This won't do much & they know it pretty well!