The Nigeria Customs Service (NCS) has adjusted the foreign exchange (FX) rate for import duties to N1,530 per dollar.
This adjustment represents a 6.13 percent increase from the previous rate of N1,441.58, which was adopted on May 6.
This new rate was observed on Friday on the federal government’s single window trade portal.
The NCS typically adopts FX rates recommended by the Central Bank of Nigeria (CBN) for import duties, based on trading activities in the official FX market.
The newly adopted NCS rate is marginally lower than the official FX rate of N1,533/$, which was recorded at the close of trade on May 16.
On May 15, the Nigerian currency depreciated to N1,550 against the dollar in the parallel section of the FX market. This represents a 1.95 percent decline compared to the N1,520/$ rate reported on May 13.
