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CBN slashes exchange rate for duty calculations to ₦306 from ₦316

Fola Roy
September12/ 2016

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

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 revealed 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 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.

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Fola Roy