The Nigerian Customs Service (NCS) has expressed concerns over the multiple adjustments of customs import duty rates which have affected the volume of transactions in the first quarter of 2024. Comptroller General of the NCS, Bashir Adewale, expressed the concerns of the Service yesterday in Abuja at a briefing to highlight its performance in the first quarter of 2024. During the quarter, the NCS boss stated that they encountered several systemic challenges that impeded their ability to fulfil statutory responsibilities effectively which led to a notable decline in cargo, evidenced by a 4.89% decrease in the volume of transactions handled. “Additionally, significant fluctuations in exchange rates applied in the customs clearance of consignments posed considerable difficulties.
As per protocol, the exchange rate utilised by customs in the clearance of goods via the Nigeria Integrated Customs Information System (NICIS) is based on the rate determined by the Central Bank of Nigeria (CBN). In the last quarter, a total of 28 rates were directed by the CBN, ranging from NGN 951.94 per USD 1 in January 2024 to a peak of NGN 1,662.35 per USD 1 in February 2024. While a singular exchange rate of NGN951.94 per USD 1 was maintained in January, February witnessed 15 different spot rates ranging from NGN 951.94 per USD 1 to NGN 1,662.35 per USD 1. March saw a total of 13 different spot rates applied, ranging from NGN 1,303.84 to NGN 1,630.16. These fluctuations resulted in an average applied exchange rate of NGN 1,314.03 per USD 1 in the clearance of customs goods during the quarter,” Adeniyi explained.
