Manny Ita –
The Nigeria Customs Service has clarified that it does not determine the exchange rates used for cargo clearance, stating that the responsibility rests solely with the Central Bank of Nigeria. The agency said the clarification became necessary following public concerns and misconceptions over fluctuating import duty charges at the nation’s ports.
In a statement issued by the service, officials explained that customs only applies the rates communicated by the apex bank for the valuation of imports and exports. “The Nigeria Customs Service does not fix exchange rates for cargo clearance; we implement the rates provided by the Central Bank of Nigeria in accordance with existing regulations,” the statement said.
According to the agency, duties payable on imported goods are calculated using the prevailing exchange rate supplied by the CBN, which reflects broader monetary policy and foreign exchange conditions. Customs authorities noted that any changes in clearance costs are therefore linked to adjustments in the official rate rather than decisions taken by the service itself.
The clarification comes amid complaints from importers and clearing agents who have faced rising costs due to exchange rate volatility, with some industry stakeholders attributing the increases to customs policies. Officials stressed that the service has no discretionary power to alter the benchmark used for duty assessment. “Our mandate is to collect revenue and enforce trade regulations based on parameters set by the appropriate authorities,” the agency stated.
Trade experts say the exchange rate applied to cargo clearance significantly affects the final cost of goods in the domestic market, influencing inflation and business operations. As Nigeria relies heavily on imports for industrial inputs and consumer products, fluctuations in the official rate can have wide-ranging economic implications.
The customs service urged stakeholders to direct concerns regarding exchange rate policy to the Central Bank, while reaffirming its commitment to transparency and lawful revenue collection. It also encouraged importers to remain informed about official policy updates to avoid disruptions in cargo processing and clearance activities at ports nationwide.
