September 26, 2022

Maritime Today Online

latest news and events in maritime and shipping

We’re not responsible for increase in exchange rate- Customs 

Customs hails court judgement on modernization project

The Nigeria Customs Service (NCS) has said that it was not responsible for the rise in the exchange rate used to calculate import duties and levies.

This came following the recent increase in the exchange rate from $409 to $422.30 for the payment of all imports coming into the country.

The Customs Spokesman, Timi Bomodi (DC), explained in a statement, that the rate of exchange used to calculate duty payrnents was not a static phenomenon and that the Central Bank of Nigeria remained the only organization vested with the authority to determine official rates as applicable for the purpose of calculating duties and other taxes applicable for import and export.

Bomodi urged the trading public to go about their business dealings assuring that the Service remain committed to trade facilitation.

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.”