Only CBN Determines Official Rate to Calculate Import Duties, Not Customs, says Bomodi

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The Nigeria Customs Service (NCS) on Wednesday said it was not involved in determining the exchange rate applied in determining import duties.

Reacting to media reports attributing the increase in exchange rate in duty calculation, the spokesman of the Service, Timi Bomodi, a Deputy Comptroller of Customs said this was the duty of the Central Bank of Nigeria and not Customs.

Bomodi noted that the “rate of exchange used to calculate duty payments is not a static phenomenon”.

“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.

 

“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”. He said.

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