Comptroller General of Nigeria Customs Service, Bashir Adewale Adeniyi

By DAPO OLAWUNI

Apparently in response to appeal by the House of Representatives which on Thursday sought reduction in the customs duty exchange rate, the Central Bank of Nigeria (CBN) has reduced the exchange rate for calculations of Customs duty rates to ₦1,472.756, causing a reduction by ₦42.244 margin.

The CBN adjusted the Custom exchange rate barely 24 hours after it had increased it to ₦1,515. 48, a move which triggered backslashes and angry reactions from Nigerians.

The House of Representatives yesterday had sent a prayer to the CBN to reduce the floating Exchange Rate back to ₦951, to enable import and export of goods have a stable process in ease of doing business.

DAILY TREND reported that the reduction has already taken effect on the Nigeria Customs Service portal on Friday morning.

1 thought on “JUST IN: Customs Duty Exchange Rate Drops

  1. We want less than that place so that it will stabilize the economy of the country a little , because without that we are going to divert our goods to our labouring country and let see how you’re going to generate your 5.6trilion this 2024 make una dey play there .

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