Current Exchange Rate Determines Duty — Customs.
Nigeria Customs Service says the prevailing exchange rate set by the Central Bank of Nigeria determines its rates of import duty collection and not market forces.
Spokesperson of NCS, Abdullahi Maiwada, said this in an interview on Wednesday in Abuja.
Maiwada said that importers transact their businesses in dollars, which required them to obtain “Form M” from the CBN.
Recall that the Nigeria Association of Chambers of Commerce, Industry, Mines, and Agriculture had recently suggested that the collection of customs duty should be charged in Naira instead of dollars.
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