The Nigerian Customs Service’s (NCS’) foreign exchange (FX) rate for cargo clearance and import duties collection has dropped from N1,572.5/$ to N1,448.38/$1, representing a decline of N124.12 from last week’s rate.
The latest FX rate of the revenue agency is reflected on the Central Bank of Nigeria’s (CBN’s) official window.
Over the past weeks, the exchange rate for import duties payment on the NCS’ portal has been on a steady decline, reflecting the recent appreciation of the Naira’s exchange rate at the FX markets.
It would be recalled the Service’s FX rate for cargo clearance surged to N1,624.70/$1 on March 12 this year before gradually dropping to the current rate of N1,448.38/$1 as of Friday, March 28.
The Comptroller-General of the NCS, Wale Adeniyi, had earlier said that the FX rate for cargo clearance and import duties would follow the Central Bank of Nigeria’s (CBN’s) official rate.
