CBN Reduces Customs Exchange Rate To Clear Goods at Ports Ahead of Christmas
- The customs exchange rate to clear goods at the nation's ports and airports has been reduced again
- Latest data shows that importers, businesses, and Nigerians expecting consignments from abroad will pay less starting Monday
- The change reflects the performance of the naira in the Nigerian Autonomous Foreign Exchange Market
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Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.
The Central Bank of Nigeria (CBN) has adjusted the dollar exchange rate for importers to clear goods from the nation’s air and seaports.
According to data from the federal government trade portal, the customs exchange rate for clearing goods is now N1,536.42 a dollar from Monday, December 23.
Source: Getty Images
The new rate represents a marginal 0.12% drop compared to the N1,538.37 a dollar it stood on Friday, December 20.
The adjustment of the Customs exchange rate reflects the naira's current exchange rate level in the Nigerian Autonomous Foreign Exchange Market.
The value of the naira against the US Dollar closed at N1,541.68/$1 on Friday, December 20, in the official market.
NCS explains customs exchange rate
Adewale Adeniyi, the comptroller general of the NCS, had earlier explained that the agency does not fix rates.
He noted that the customs exchange rate given to importers is based on information from the Central Bank of Nigeria.
His words:
“So what we do is just to update our systems. It is not about Customs reducing or increasing the exchange rate.
We have nothing to do with whether the exchange rate goes up or come down. “It is not us, we follow what is proscribed for us by the regulatory authority for monetary affairs, which is the Central Bank of Nigeria.”
Customs sells seized petrol at N630/litre
In another development, the Nigeria Customs Service conducted an auction on Saturday, December 21, selling approximately 20,000 litres of petrol to residents in Ibadan, Oyo State, at a rate of N630 per litre.
Officers of Operation Whirlwind seized the fuel in the Oyo/Osun region, and it was sold at the Afoo Filling Station in the Masfala area of Ibadan.
Comptroller Hussein Ejibunu, the National Coordinator of Operation Whirlwind, revealed that the seized tanker and an additional 30 kegs, each containing 25 litres of petrol, were intercepted while being smuggled out of the country, Punch reports.
According to Ejibunu, the petrol was made available for public purchase following a court condemnation order obtained through the Customs legal adviser, as the items had remained unclaimed.
Customs integrates 25 banks on revenue platform
In related news, Legit.ng ealier reported that the Port Terminal Multiservices Limited (PTML) Command of the Nigeria Customs Service (NCS) has announced plans to incorporate 25 banks into its local payment and clearing platform, B’Odogwu.
This move aims to resolve transaction delays for agents and tackle initial challenges with the trade portal.
Customs Area Controller Tenny Daniyan highlighted the platform's importance and the obstacles encountered since its introduction on October 23, 2024.
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Source: Legit.ng
