Again, Customs Adjusts Forex in Four Days

Examining the exchange rate window of the Nigeria Customs Service exchange rate portal reveals that the exchange rate has been updated for the second time since April 18, 2024

This means that the exchange rate for customs duties clearance has changed for the second time in less than four days.

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THE MATRIX earlier reported that the exchange rate for import duties clearance dropped from 1238/$- a decline of N91. The service has also changed the exchange rate for duties collection to N1150/$ today.

The Central Bank of Nigeria (CBN) had earlier stated in response to complaints over the frequent changes in the Customs’ Fx rate that the exchange rate on the data of the Form M application will be used in calculating the duties collection.

The Nigeria Customs Service (NCS), in collaboration with the Central Bank of Nigeria (CBN), regularly adjusts the exchange rate to align with the official market rate on the NAFEM window, resulting in frequent changes in the rate.