AGS NEWS – The Nigeria Customs Service (NCS) has announced an increase in the foreign exchange (FX) rate for import duties to N1,441.58 per dollar, marking a 4.94 percent rise from the previous rate of N1,373.64/$ set on May 1.

This adjustment was observed on the federal government’s single window trade portal on Friday, May 3.

The NCS typically follows FX rates recommended by the Central Bank of Nigeria (CBN) for import duties, reflecting trading activities in the official FX market.

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This new rate surpasses the official FX rate of N1,402/$ recorded on May 2 and N1,390 traded on May 1.

As per new CBN regulations released on February 23, customs and other relevant entities are required to adopt the closing rate in the official window for import duty assessment.

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The apex bank specified that the FX rate at the time of importation must be used for import duty evaluation until the termination date and clearance are finalized.