Sat, 1 Oct 2022


CBN determines exchange rate not custom-PRO
By: News Editor
Thu, 15 Sep 2022   ||   Nigeria, Abuja

The Nigeria Customs Service (NCS) has informed members of the public that the Commission does not determine exchange rate.
The Public Relations Officer, Deputy Comptroller Timi Bomodi who made the declaration in a statement on Wednesday said that the Central Bank of Nigeria (CBN) has the sole responsibility to determine the exchange rate.
Bomodi referred to reports that attributed the increase in exchange rate to NCS and stressed that the Apex Bank fixes official rates for calculating duties and other taxes applicable for import and export.
“The rate of exchange used to calculate duty payments is not a static phenomenon.’’
“The trading public are advised to go about their business dealings with the full assurances of the Service’s commitment to trade facilitation.’’


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