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News Alert! Relief as CBN adopts spot rate to determine customs duty exchange rate

CBN Governor, Olayemi Cardoso
—-begins implementation Monday, February 26th, 2024.
The Eyewitness reporter
Following the intervention of the Nigeria Customs Service, the Central Bank of Nigeria (CBN) has advised the Customs, importers and other members of the import business community to henceforth adopt the closing FX rate on the date of opening Form M for the importation of goods, as the FX rate to be used for Import Duty Assessment.
In the circular from the Trade and Exchange Department of the Apex Bank dated February 23rd, 2024 and addressed to all authorised dealers, the Nigeria Customs Service and the general public, the CBN said it was aware of the concerns over uncertainties and volatility which the frequent and unpredictable changes in the customs exchange rate.
The Apex bank, noted in the circular with the reference number TED/FEM/PUB/FPC/001/007 and signed by Dr.Hassan Mahmud, Director, TradeandExchange Department, that the development was as a result of the liberalization of the FX market in willing Buyer – Willing Seller trading principle.
It lamented that this has triggered uncertainties around the pricing structure of goods and services, thus creating abnormal increases in the final sale of items.
To diffuse the tension and restore confidence in the pricing structure of goods and services, the CBN said starting from Monday, February 26th, 2024, the spot rate principle will apply where the closing rate of the forex will be used to determine the customs duty exchange rate which will terminate at the end of the importation and clearance of that particular goods.
“Following the liberalization of the FX market on the Willing Buyer – Willing Seller trading principle, the Central Bank of Nigeria has noted the concerns of Importers of goods and services in the irregular changes in the Import Duty Assessment levies applied by the Nigeria Customs Service.
“These developments have further built uncertainties around the pricing structure of goods services in the economy and created abnormal increases in the final sale prices of items, which is largely driven by uncertainties, rather than traditional market fundamentals, with implications to near-term inflation trend.
“To this effect, the Central Bank of Nigeria wishes to advise that the Nigeria Customs Service and other related Parties adopt the closing FX rate on the date of opening Form M for importation of goods, as the FX rate to be used for Import Duty Assessment.
“This rate remains valid until the date of termination of the importations and clearance of goods by importers.
“This would enable the Nigeria Customs Service and the importers to effectively plan appropriately and reduce the uncertainties around varying daily exchange rates in determining their revenue or cost structure, respectively.
“Therefore, effective 26th, February 2024, the closing rate on the date of opening of Form M for the importation of goods and services would be the rates that would apply for the assessment of import duty.
“This supersedes the requirements of Memorandum 9,J(2)of the Central Bank of Nigeria Foreign Exchange Manual (Revised Edition),2018.
“While the CBN is mindful of the initial volatility and price distortions in the aftermath of the FX market liberalization, the Bank is confident that these reforms, would in the medium term, ensure stability in the market and entrench market confidence necessary to attract investment capital for the growth and development of the Nigerian economy”
It could be recalled that the CBN has almost on a daily basis, fiddled with the Customs exchange rate which it flippantly jerks upwards.
It has done this for more than six times in the last two to three weeks.
The last rate announced on the Customs portal as of Saturday, February 24th, 2024 was 1,488.896 per dollar down from N1,605.82 per dollar it was as of Wednesday, February 21st, 2024.
It however remains to be seen if this new spot rate principle will assuage the frayed nerves of the angry importers and their agents who have vowed to disrupt port operations if nothing was done to halt the daily review of the rate by the CBN.
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Customs

Ogun Customs spurns claims of Smugglers’ takeover of Idiroko–Sango Ota trading Route

Funso OLOJO, Editor

The Ogun I Area Command of the Nigeria Customs Service (NCS) has dismissed as false reports alleging that smugglers had taken over the Idiroko–Sango Ota trading route in Ogun State, describing the claims as a deliberate misrepresentation of a traffic incident.
In a statement issued by the Command’s Public Relations Officer, Superintendent of Customs (SC) Chado, the Command clarified that the traffic gridlock on the route resulted from the breakdown of an articulated commercial trailer after it fell into a badly deteriorated section of Atan Road, temporarily obstructing the free flow of traffic.
According to the Command, the vehicles caught in the ensuing congestion were legitimate commercial trucks transporting red palm oil to various local markets and had no connection whatsoever with smuggling activities.
It explained that the large number of heavy-duty trucks trapped in the gridlock may have led some members of the public to wrongly conclude that smugglers had taken over the road.
“The reports that smugglers blocked the road are inaccurate. The disruption resulted from a road accident and poor road conditions. The vehicles involved were lawful commercial vehicles transporting red palm oil for legitimate trade,” Chado stated.
The Command urged journalists, social media users and the general public to verify information before disseminating reports capable of creating unnecessary panic or undermining public confidence in security agencies.
Observers within the border trade sector noted that the allegation does not reflect the prevailing security situation within the Ogun I Area Command, where anti-smuggling operations have been intensified under the leadership of the Acting Customs Area Controller, Comptroller O.O. Afeni.
Since assuming office, Comptroller Afeni has strengthened intelligence-driven surveillance, enhanced collaboration with other security agencies and host communities, and sustained pressure on economic saboteurs operating along the Ogun border corridors.
These measures, according to stakeholders, have resulted in significant seizures of prohibited goods and reinforced the Command’s resolve to safeguard Nigeria’s economy and territorial integrity.
Maritime and border trade stakeholders also cautioned against the spread of unverified information capable of undermining the efforts of security personnel or creating a false impression of lawlessness in border communities.
They stressed that while combating smuggling remains an ongoing responsibility, responsible and accurate reporting is equally critical to ensuring that operational achievements are not overshadowed by misinformation.
The Ogun I Area Command reaffirmed its commitment to sustaining its anti-smuggling campaign while facilitating legitimate cross-border trade in line with the statutory mandate of the Nigeria Customs Service.

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Customs

Customs puts smiles on faces of 4,237 retirees as Adeniyi releases N7.61bn to 9 PFAs for payment

Funso OLOJO, Editor

The Nigeria Customs Service (NCS) has disbursed N7.61 billion to nine Pension Fund Administrators (PFAs) for the payment of retirement benefits to 4,237 retired Customs officers, reaffirming its commitment to the welfare of its former personnel.

Comptroller-General of Customs (CGC), Adewale Adeniyi, disclosed this during a dialogue with retired officers held on Tuesday, July 14th, 2026, where he announced that the funds had already been released to the PFAs for immediate credit to the retirees’ individual Retirement Savings Accounts.

According to the beneficiary breakdown, Premium Pension has the highest number of beneficiaries with 2,268 retirees, followed by Access-ARM Pension Managers with 1,223.

Leadway Pensions will pay 403 retirees, TrustFund Pensions 156, FCMB Pensions 144, Veritas Glanvills Pensions 28, Norrenberger Pensions 11, while Fidelity Pension Managers will pay four retirees, bringing the total number of beneficiaries to 4,237.

Addressing the retirees, Adeniyi stressed that the Customs Service remains committed to ensuring the welfare of both serving and retired officers, noting that the institution’s future is closely tied to how it treats those who devoted their careers to its service.

He said the Service must remain financially strong and capable of meeting its obligations, emphasizing that retirees deserve dignity and timely access to their benefits.

The CGC also called for sustained engagement between the Service and its retirees, explaining that the dialogue was convened to address concerns, foster mutual understanding, and dispel misinformation.

“I acknowledge your concerns and suggestions, and it is in view of this that we convened this dialogue to promote better understanding and reduce the effect of rumours and unofficial information on the relationship between the Service and its retired personnel,” Adeniyi said.

Also present at the meeting were the Deputy Comptroller-General of Customs in charge of Human Resources Development, DCG Tijjani Abe, and other members of the Customs Management Team, who assured the retirees that the issues raised would receive due consideration at both the Board and Management levels.

The retired officers commended the Comptroller-General and the Management for creating a platform for direct interaction, describing the engagement as timely and beneficial.

They appealed for the dialogue to become a regular feature to strengthen the bond between the Service and its retired workforce.

The meeting comes against the backdrop of ongoing Federal Government efforts to improve pension administration, following plans to review relevant statutory provisions, including Section 15(4) of the Pension Reform Act 2014, in line with Section 173(3) of the 1999 Constitution (as amended), with the aim of enhancing the welfare of pensioners across the public service.

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Customs

Apapa Customs intercepts ₦26.57bn cannabis hidden in imported vehicles

Gloria Odion Maritime reporter 

The Nigeria Customs Service (NCS), Apapa Area Command, has dealt a major blow to drug trafficking networks with the interception of 4,143.5 kilograms of Cannabis Indica valued at ₦26.57 billion, cleverly concealed inside a 40-foot container carrying imported used vehicles.

The illicit consignment was uncovered during a joint examination conducted by officers of the Nigeria Customs Service and the National Drug Law Enforcement Agency (NDLEA) at the Command’s Enforcement Unit.

The interception followed credible intelligence, which prompted the Customs Area Controller (CAC), Comptroller Emmanuel Oshoba, to order a comprehensive examination of 40-foot container No. FANU1933352.

The operation, carried out on Friday, July 10, 2026, led to the discovery of one of the largest cannabis seizures recorded at the nation’s premier port.

The container had been declared to contain three used vehicles—a 2015 red Nissan Micra, a 2019 black Toyota Corolla S, and a 2015 grey Toyota Corolla.

However, a meticulous inspection revealed 162 bags containing 8,287 parcels of Cannabis Indica, each weighing 500 grams, bringing the total weight of the narcotics to 4,143.5 kilograms.

Investigators found that four of the bags had been concealed inside the red Nissan Micra, while the remaining 158 bags were strategically hidden beneath the container floor and in the spaces between the three vehicles.

No narcotics were found inside either the black Toyota Corolla S or the grey Toyota Corolla.

Speaking on the seizure, Comptroller Oshoba described the interception as another demonstration of the Apapa Area Command’s unwavering resolve to prevent the importation of prohibited items, particularly illicit drugs that threaten public health, national security, and the economy.
He noted that the successful operation aligns with the zero-tolerance policy of the Comptroller-General of Customs, Dr. Bashir Adewale Adeniyi, MFR, against smuggling and all forms of illicit trade.

The Customs Area Controller reiterated the Command’s commitment to facilitating legitimate trade while sustaining robust enforcement against prohibited and restricted imports.

He also commended the officers involved for their professionalism, vigilance, and dedication.

“This seizure once again demonstrates our unwavering commitment to ensuring that only legitimate trade thrives at Apapa Port,” Oshoba said.

“As investigations continue, we remain resolute in making the port inaccessible to those engaged in unlawful activities prohibited by our laws.

“I also wish to reassure our compliant traders of our continued support. They will continue to benefit from the trade facilitation measures introduced by the Comptroller-General of Customs to promote seamless and legitimate business operations.”

Following the interception, Comptroller Oshoba ordered the seizure of the container in accordance with the provisions of the Nigeria Customs Service Act, 2023, and other relevant laws.

The seized Cannabis Indica will subsequently be handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation, prosecution of those involved, and other necessary legal actions.

The seizure underscores the growing synergy between the Nigeria Customs Service and the NDLEA in combating transnational organised crime, particularly the trafficking of illicit drugs through the nation’s seaports, while reinforcing the Federal Government’s commitment to safeguarding Nigeria’s borders and protecting the public from the devastating effects of narcotics.

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