The Central Bank of Nigeria (CBN) has asked the Nigerian Customs Service (NCS) to adopt the same forex rate from the importation of goods to its clearance in the country.
The directive was contained in a circular on Friday by the apex bank’s Director of Trade and Exchange Department, Hassan Mahmud, saying the constant changes in customs duties rates have led to pricing irregularities, resulting in unpredictable increases in the final cost of goods in the market.
It instructed the NCS to adopt the FX closing rate on the date of Form M submission by importers for the clearance of goods and import duty assessment.
The directive is aimed at curbing the disruptions caused by frequent updates on the customs website regarding forex market liberalization.
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