Data from the federal government trade portal shows that the customs exchange rate for clearing goods increased to N1,538.89 on Thursday, January 9.
The new rate represents a 0.34% increase compared to the N1,533.55 importers paid on Monday, January 6.
Businesses use the Customs exchange rate when opening Form M to import goods. The FX rate is also used for Import Duty Assessment.
This rate remains valid until the date of termination of the importation and clearance of goods by importers.
Meanwhile, the Association of Nigerian Licensed Customs Agents (ANLCA) has called on the federal government to stop the daily customs duty exchange rate changes.
The association urges the government to stabilize the nation’s foreign exchange regime through a quarterly exchange rate system and reduce import duties on certain items, such as drugs and machinery.
They also advocate for promoting trade agreements, like the African Continental Free Trade Area (AfCFTA) agreement, to improve the nation’s import and export trade.
The call was made by Emenike Nwokeoji, the National President of ANLCA, who believes that implementing the suggested policies will ameliorate the suffering of Nigerians, Nigerian Tribune reports.
He cited the removal of duties taken by Ghana on certain imports to curtail inflation.
Ealier, TimesNow.com.ng reported that the Nigeria Customs Service has announced that it received 573,519 applications for its recently concluded 2024/2025 recruitment exercise.
The applications submitted through the NCS recruitment portal far exceed the available positions approved by the federal government.
The roles are based on candidates’ qualifications, ranging from secondary school certificate holders to B.Sc. and HND graduates.
Source: TimesNow.com.ng
