Customs not responsible for import duties exchange rate determination – Spokesman
The Nigeria Customs Service has said it is not responsible for determining the exchange rate used for import duties.
Spokesman of the Service, Timi Bomadi, in a statement said that some reports had erroneously attributed a recent hike in exchange rate calculation for import duties from $409 USD to $422.30 USD, to the Customs.
“The attention of the Nigeria Customs Service has been drawn to reports by some sections of the media attributing the increase in exchange rate in our system to the Nigeria Customs Service,” the statement reads in part.
The Customs Spokesman, however, clarified that exchange rate determination for such duties are the statutory duties of the Central Bank of Nigeria. He used the occasion reiterate the commitment of the Nigeria Customs Service to ensuring trade facilitation.
“Noting that the rate of exchange used to calculate duty payments is not a static phenomenon, we wish to reiterate that the Central Bank of Nigeria is the only organisation vested with the authority to determine official rates as applicable for the purpose of calculating 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 concludes.
