The Nigeria Customs Service (NCS) has announced a significant adjustment to the exchange rate used for calculating import duties, dropping it from N1238.1 to N1,147 per US dollar.
This reduction of N91.1 marks a welcome development for importers, coming just over a week after the previous adjustment on April 10th.
The customs exchange rate had remained unchanged at N1238/$ for an unusually long period, providing some stability in the midst of fluctuating market conditions.
The NCS, in collaboration with the Central Bank of Nigeria (CBN), regularly reviews and adjusts the exchange rate to align with the prevailing official market rate on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.
This ensures that the customs exchange rate remains reflective of current market realities, facilitating fair and transparent trade transactions.
