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CBN determines exchange rate not Customs – PRO

The Nigeria Customs Service (NCS) has informed the public that it does not determine exchange rate.

Public Relations Officer, Deputy Comptroller Timi Bomodi made the clarification in a statement on Wednesday.

The spokesman referred to reports which attributed the increase in exchange rate to the NCS.

Bomodi stressed that the Central Bank of Nigeria (CBN) had the sole responsibility to do so.

The PRO said 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”, he noted.

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