The exchange rate for import duties by the Nigeria Customs Service (NCS) continues to rise as it hits N1549 to the USD according to the latest check on the customs exchange rate portal.
This represents an increase of N37 from the previous rate of N1512/$.
The persistent increase in the customs exchange rate in July follows a relatively stable June, during which there were no significant fluctuations.
In June, there were five different exchange rates used for customs duties collection. However, this month, the Central Bank of Nigeria (CBN) has already adjusted the exchange rate for customs duties collection seven times, just ten days into the month.
Earlier on the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms had recommended that the FX rate for customs duties be pegged to the 2024 budget benchmark to assuage the effect of high exchange rates on the business community, especially manufacturers and importers. The committee recommended N800/$ till the end of the year to combat inflation and enable planning for businesses.
The consistent rise in the customs duties exchange rate also mirrors renewed marginal weakness in the naira towards the tail end of last month and the beginning of this month despite the increase in the country’s foreign reserve.
