In a move that has significant implications for importers and clearing agents, the Federal Government of Nigeria has adjusted the Nigerian Customs Service (NCS) Exchange Rate calculations for import duties.
The 9News Nigeria reports that the rate has been shifted from N770.88/$ to N783.174/$, marking a change in policy five months after the Central Bank of Nigeria (CBN) floated the Naira.
This adjustment, reflected on the NCS portal, aligns with the CBN’s decision to authorize banks to sell foreign exchange at market-determined rates
