Import Duties: CBN Determines Official Rate

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The Nigeria Customs Service (NCS) on Wednesday said it was not involved in determining the exchange rate applied in determining import duties.

Reacting to reports attributing the increase in exchange rate in duty payments in a statement, the National Public Relations Officer of the Service, Deputy Comptroller Timi Bomodi said it is the duty of the Central Bank of Nigeria (CBN) and not the Nigeria Customs Service, he
however, added that the rate of exchange used to calculate duty payments is not a static phenomenon.
Part of the statement reads, “The attention of the Nigeria Customs Service has been drawn to reports by some sections of the media attributing the increase in exchange rate in our system to the Nigeria Customs Service.

“Noting that the rate of exchange used to calculate duty payments is not a static phenomenon, we wish to reiterate that the Central Bank of Nigeria is the only organisation vested with the authority to determine official rates as applicable for the purpose of calculating duties and other taxes applicable for import and export”.

“Members of the trading public are kindly advised to go about their business dealings with the full assurances of the Service’s commitment to trade facilitation”.

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