Breaking: Customs to use exchange rate on date of ‘Form M’ for import duty assessment- CBN

The Central Bank of Nigeria has instructed the Nigerian Customs Service (NCS) to utilize the FX closing rate on the date of the form M submission by importers for the clearance of goods and import duty assessment.

This measure aims to tackle the volatility and frequent updates on the customs website concerning the liberalization of the foreign exchange market.

The CBN stated this in a statement signed by its Director of Trade and Exchange Department, Hassan Mahmud noting that there the regular changes in the customs duties rate have disrupted pricing structure leading to irregular increase in the final cost of goods in the market.