Importers to Pay Less as Customs Set to Establish Stable FX Rates For Imports

• The Nigeria Customs Service has disclosed plans to establish a stable forex window for import duty
• The Comptroller-General of Customs, Adewale Adeniyi, disclosed this and said the service is working with the CBN to achieve the feat
• He said the service has generated about 4.49 trillion in revenue in the last one year

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

The Nigeria Customs Service (NCS) has disclosed that it has begun working with the Central Bank of Nigeria (CBN) to establish stable import exchange rates.

The Comptroller-General of Customs, Adewale Adeniyi, disclosed this during a press conference in Abuja on Wednesday, June 18, 2024, to mark his one year in office.

Customs generates N4.49 trillion in 12 months

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Adeniyi spoke about the following reported distortions in business planning caused by constant changes in exchange rates in the past few months.

The Customs boss said the service generated about N4.49 trillion in revenue in the last one year.

He said:

“The NCS reported a remarkable 74% growth in revenue collection over the past year, recording a total revenue collection of N 4.49 trillion between June 2023 and May 2024, compared to the N 2.58 trillion collected during the corresponding period of the previous year.

“This achievement was underpinned by a sustained increase of 70.13% in average monthly revenue collection compared to the previous year. NCS recorded an average monthly revenue collection of N 343 billion, compared to the N 202 billion monthly average.

“Notably, there was a substantial 122.35% rise in revenue collection during the first quarter of 2024 compared to the same period in the previous year”.

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According to a Vanguard report, Adeniyi said the success in revenue generation was due to the N15 billion recovery by the Revenue Review Performance Recovery exercise, the N2.79 billion recovered from the 90-day for the regularisation of documents of uncustomed vehicles, N1.5 billion recovered from the decongestion of 1,705 overtime cargoes and 981 cars from the port.

CBN reduces the Customs exchange rate to clear goods

Legit.ng previously reported that the CBN has reduced the rate to calculate customs import duties at the nation's ports and airports.

Customs duties are taxes and levies paid on goods imported into the country.

The duties are paid through a commercial bank to the Nigeria Customs Service, which receives on behalf of the federal government.

Source: Legit.ng