The exchange rate for the Nigeria Customs Service (NCS) duties collection has increased to N1618.73/$, up from the previous rate of N1600.32/$.
This is the highest rate since March 2, 2024, when it stood at N1630/$. The rise comes amid the naira’s 6.43% depreciation in July, despite Central Bank of Nigeria’s (CBN) interventions to stabilize the currency.
The naira fluctuated between N1500.32 and N1621.12 in July, reaching a four-month low. The CBN conducted multiple foreign exchange sales to authorized dealers and Bureau de Change operators, increasing FX turnover by 30% to $4.34 billion in July.
In the first half of 2024, the NCS generated N2.74 trillion in revenue, a 127% increase from the same period in 2023, despite challenges like forex rate fluctuations and reduced cargo transactions.
The NCS used 28 different exchange rates for import duty collection in the first quarter, leading to operational disruptions.
The Presidential Committee and the Centre for the Promotion of Private Enterprise have recommended more stable exchange rates for duty collection to aid business planning.