High Exchange Rate: Count Us Out – Customs

The Nigeria Customs Service has debunked insinuations attributing the increase in the exchange rate in the economy to the Nigeria Customs Service.

While pointing out that the rate of exchange used to calculate duty payments is not a static phenomenon, the Service reiterated that the Central Bank of Nigeria (CBN) is the only organisation vested with the authority to determine official rates as applicable to calculate 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”, the statement signed by DC Timi Bomodi, National Public Relations Officer on behalf of the Comptroller General read.