Monday, 12 September 2016

CBN Slashes Forex Rate for Duty Calculations. cc @DrJoeAbah

The Central Bank of Nigeria through the Nigeria Customs Service has slashed the exchange rate for duty calculations from N316 Per dollar to N306 per dollar.

Confirming the development, Public Relation Officer of the Tin Can Island port Command of Nigeria Customs Service, NCS, Mr. Uche Ejisieme, said the directive came from the Central Bank of Nigeria, CBN.

Ejisieme told Vanguard that Customs didn't have the power to determine what rate was payable on imports, adding that the service only carried out directives and instructions from higher authorities.

"We don't have the power to determine the exchange rate, we work based on what CBN directs because whenever the apex bank posts on its site, it automatically hits our system and we take it from there," he added.

However, clearing agents who reacted to the development in a chat with our correspondent, were not so excited as they argued that not much had changed.

Similarly, the Publicity Secretary of Association of Nigerian Licensed Customs Agents Mr Kayode Farinto, said that since market forces now determined the exchange rate, importers and agents had no choice than to follow the trend as it unfolded. (Vanguard)

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