Customs
Customs commences use of spot rate for goods assessment as duty exchange rate again crashes to N1,440,121 per dollar
The Eyewitness Reporter
For the second consecutive times in 72 hours, the Central bank has reduced the Customs duty exchange rate from N1,488.896 per dollar to N1,440.121 per dollar even as the Nigeria Customs Service, Monday, February 26th, 2024 kick-started the use of spot rate for the assessment of import duties as prescribed by the Central Bank of Nigeria (CBN).
The drop in quick succession of the rate by the CBN may not be unconnected with the intervention of the Nigeria Customs Service to dissipate the burgeoning crisis that the soaring and unpredictable rate has generated in the industry.
It could be recalled that the apex bank, last week Saturday, February 24th, 2024, instructed the NCS to henceforth, starting Monday adopt a spot rate to determine the assessment of import duty.
In its circular issued last week Saturday, the CBN explained that 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”
Therefore, the spot rate as captured on the Customs portal as of Monday, February 26th, 2026 stands at N1, 488.896 by which the import duty will be determined from the beginning of the import business when the importer opens form M and the close of the transaction when he takes delivery of his consignment.
The prevailing rate of N1,488.896 per dollar was a drop from the N1,488.896 recorded last week Friday, February 23rd, 2024 when it was announced by the CBN on the customs portal when it crashed the rate from the initial N1,605.82 per dollar.
This was a clear departure from the previous occurrences when the rate was being reviewed upward almost 12 hours at short intervals.
The customs brokers have expressed satisfaction at the adoption of the principle of spot rate to determine Customs duty as, according to them, the method will stabilize the import business, infuse confidence into the system and allow for planning and predictability.
Customs
Miko, new PTML helmsman, assumes duties as Comptroller Anani hands over with N181b revenue.
Funso OLOJO, Editor
The newly deployed Acting Controller of Nigeria Customs Service, Ports Terminal Multiservices Command( PTML) DC Nura Ibrahim Miko ,has formally assumed duties with a promise to operate with integrity, follow due process while ensuring seamless trade facilitation
He took over from Controller Joseph Anani, who has been redeployed to the Tin Can Command of the Service, as he declared that he collected over ₦181billion revenue as at the time of handing over.
Assuring officers and men of PTML Command and stakeholders, Acting Controller Miko said “I want you to know this: I am here to work with you, not merely to lead you.
“Under my watch, Integrity will be non-negotiable,trade facilitation will remain our priority.
“Due process will be strictly respected.Teamwork will be our greatest strength.
“Results will be achieved through collaboration, not fear.Together, we will take this command to greater heights”
Miko who stated this after taking over from Comptroller Anani, described the area as a well organised Command while promising to build on the achievements of his immediate predecessor.
He also sought continued cooperation and collaboration of all sister agencies and stakeholders operating within the Command while stating further that effective port operations depend on inter-agency synergy, mutual respect, and a shared commitment to trade facilitation, revenue generation, and national security.
According to him, the Command will remains open to constructive engagement while confirming his commitment to transparency, accessibility and a level playing field for all.
He added that together, the Command’s Stakeholders will sustain PTML’s position as a model command for efficiency and integrity.
While thanking the CGC Bashir Adewale Adeniyi for the confidence and trust reposed in him,the Acting Controller said the nation’s number one customs officer’s policy thrust of Innovation, Consolidation, and Collaboration will be upheld as they jointly write the next chapter of the PTML Area Command.
Comptroller Anani who has since assumed duties at the Tin Can Island Command, described his eight months service period at PTML as an extraordinary privilege to serve as the Area Controller
He recalled the success of his predecessor who pioneered the roll out of the Unified Customs Management System (UCMS) also known as B’Odogwu and started the process of addressing it’s initial challenges and how he (Anani) consolidated it to success
“When I first walked into this role, I carried a clear mandate: to steer this command through it’s modernisation transition stage to a more stable state.
“After my predecessor saw to the successful roll out of B’Odogwu and was addressing the teething challenges associated with such an innovative system, I came and with the support of my fellow officers, sister agencies and stakeholders, we took it to the next level.
” This could not have been possible without the support of all of you” Comptroller Anani said
Anani added that “On the enforcement side of our operations, we succeeded in seizing and handing over illicit drugs, arms and ammunition to the relevant government agencies like the National Drug Law Enforcement Agency (NDLEA), National Agency for Food Drug Administration and Control (NAFDAC) and the National Centre for the Control of Small Arms and Light Weapons (NCCSALW)domiciled in the Office of the National Security Adviser (ONSA)
“On my watch,we launched groundbreaking initiatives by achieving one hour clearance of compliant vehicle imports, and most importantly, built a culture where every one feels valued and encouraged to do more in terms of compliance.
“None of these would have been possible without the dedication, creativity, and resilience of each and every one of you” Comptroller Anani declared.
Customs
Seme Customs cracks down on smugglers
— intercepts prohibited items worth
N501.8m
-rakes in ₦9.8b revenue in three months
Funso OLOJO, Editor
The Seme Command of the Nigeria Customs service has renewed its onslaught on smugglers and other traders in illicit trade as its officers have intercepted various smuggled goods and other illicit products.
The Area Controller of the command, Comptroller Abdullahi Kaila, while giving the performance report of the command on Monday, May 25th, 2026, disclosed that the seized goods consist of narcotics, pharmaceutical products, edible items and petroleum products worth N501,845,772.
Giving the breakdown of the seizures made within three months of his assumption of office at the command, Comptroller Kaila said they included 1000 parcels of Cannabis Sativa, substantial quantities of unregistered pharmaceutical products, including codeine-based cough syrups and various sexual enhancement drugs lacking certification from the National Agency for Food and Drug Administration and Control (NAFDAC).
The products seized include one carton containing 55 bottles of Ultimate Plus Maca Syrup (100ml each), 88 packs of 99 Bullets Herbal Medicine (30ml each), 10 cartons of Ultimate Plus Maca Sildenafil Citrate 200mg, 14 cartons of Super Sexy Sildenafil Citrate 200mg, 14 cartons of Machine Man Sildenafil Citrate 200mg, quantities of Bottom Up Sildenafil Citrate 200mg, 100 packs of Tramaking, and 100 packs of Tempendol.
Others seized items include 2,000 bags of foreign parboiled rice, 340 kegs of 25 litres each of foreign vegetable oil, 103 kegs of 30 litres each of Premium Motor Spirit (PMS), 993 cartons of foreign spaghetti, and 250 bales of used clothing and the Duty Paid Value of all the aforementioned intercepted items is 501,845,772 Naira.
The seized narcotics and banned Pharmaceutical items have been handed over to the relevant authorities for further actions.
In a similar vein, the Command within the period under review grossed revenue in excess of N9.796billion which represents an increase of N7.610 billion collected with the corresponding period in 2025.
Comptroller Kaila attributed the achievement to strengthened compliance mechanisms, improved stakeholder cooperation, intensified anti-revenue leakage measures, enhanced operational efficiency, and the strategic deployment of the B’Odogwu Unified Customs Management System.
He also praised the renewed dedication and vigilance demonstrated by officers and men of the Command which resulted to the commendation feat.
” We remain committed to sustaining these gains through institutional reforms, intelligence-driven monitoring, and transparent trade procedures capable of guaranteeing continuous revenue growth without obstructing legitimate trade activities.
“As one of Nigeria’s most strategic and busiest land border formations, the Seme Area Command occupies a critical position in regional and continental trade integration frameworks, particularly under the ECOWAS Trade Liberalisation Scheme (ETLS) and the African Continental Free Trade Area (AfCFTA), the Area controller disclosed.
He however warned illicit traders to steer clear of the command which he said was not the hiding place for economic sabotage.
“Let me use this opportunity to issue a strong warning to smugglers and their collaborators that the Seme Area Command will not serve as a safe haven for illicit trade.
“The Command has significantly strengthened its intelligence network, enhanced surveillance capacity across land and maritime routes, and intensified collaboration with relevant security and regulatory agencies to combat trans-border crimes and economic sabotage.
“To compliant traders and legitimate business operators, I wish to reiterate that compliance remains the safest, fastest, and most cost-effective pathway for conducting international trade”
” At Seme Area Command, we remain resolute in our commitment to facilitating lawful trade while ensuring strict enforcement against illicit activities capable of undermining national economic interests” Comptroller Kaila declared.
Customs
Beer merchants panic over tax stamp policy, seeks solace from Customs
Gloria Odion, Maritime reporter
The proposed Tax Stamp policy of the Federal government has expectedly activated panic mode among beer industry leaders who have expressed anxiety of possible escalation in the production and consumer costs if the policy is eventually implemented.
Though, there is an ongoing dialogue between stakeholders and the government to manage the economic impact of the policy, the leaders of the brewing sector had sought more clarification on the policy from the Nigeria customs service when they engaged with the Comptroller- General of the Service, Adewale Adeniyi on Monday, May 11th, 2026.
The brewers have come to discuss the economic impact the proposed policy will have on their brewing business.
At the roundabout discussion, Adewale had emphasised the need for credible data, inclusive consultations and sustained stakeholder engagement in Nigeria’s ongoing fiscal and regulatory reforms.
Speaking during the engagement, CGC Adeniyi stressed that policy decisions affecting strategic sectors of the economy must be guided by verifiable data and a clear understanding of prevailing market realities.
“We need to have a clear understanding of what constitutes illicit trade. Some of these products are legitimately manufactured in Nigeria.
“In other jurisdictions,customs administrations are already engaging in discussions around how such products find their way across borders and into unauthorised markets” the CGC stated.
He further underscored the importance of accuracy and credibility in industry data presented to policymakers, noting that sound policy formulation depends on reliable information.
“One thing we need to understand more clearly is where some of these estimates came from.
“When we are making policy decisions of this nature, the credibility and accuracy of data must never be in doubt,” he added.
Highlighting the Service’s ongoing modernisation efforts, Adeniyi noted that the NCS has continued to introduce reforms aimed at improving trade facilitation and enhancing operational efficiency across the supply chain.
“We have consistently introduced initiatives aimed at facilitating trade. We introduced the Advance Ruling. We introduced the Authorised Economic Operator programme.
“We also rolled out several reforms on our own initiative, not because we were under pressure, but because we recognised the need to improve trade facilitation,” he said.
On the proposed tax stamp initiative, the CGC clarified that consultations with stakeholders are still ongoing and that no final decision has been reached regarding implementation.
“As far as I am concerned, consultations are still ongoing. If this initiative is legitimate and beneficial, then we all have a responsibility to ensure that we are heading in the right direction,” he stated.
He also encouraged private-sector operators to maintain constructive engagement with relevant government agencies to ensure that any eventual policy framework balances revenue protection with industrial sustainability and economic growth.
Earlier, the leader of the delegation and Chief Executive Officer of Guinness Nigeria Plc, Girish Sharma, said the visit was aimed at presenting the industry’s position on the proposed tax stamp framework, which he noted has generated considerable discussion within the sector.
Sharma acknowledged the importance of regulatory controls but maintained that the beer industry remains one of the most structured and highly regulated sectors in Nigeria, with limited exposure to counterfeiting risks.
“We fully understand the purpose and importance of tax stamps, particularly in industries where counterfeiting is a major concern.
“However, within the beer sector, counterfeiting is minimal,” Sharma said.
He noted that existing compliance and monitoring systems already provide adequate visibility across production and distribution channels.
“From an end-to-end compliance perspective, we believe there is already sufficient transparency and oversight,” he added.
Sharma also highlighted the industry’s contribution to employment generation, government revenue and economic growth, cautioning that additional regulatory measures should be carefully designed to avoid unintended impacts on the sector and the wider economy.
The 2026 tax stamp policy in Nigeria is a regulatory, security-focused, and mandatory track-and-trace system imposed by the government on excisable goods—including alcohol, tobacco, and sugar-sweetened beverages—to curb illicit trade and bolster revenue.
The policy, aimed at reducing smuggling and counterfeiting, requires high-security physical labels or digital codes to be affixed to products.
The policy applies to excisable products such as tobacco, alcohol, and sugary drinks, with specialized stamps for textile imports, such as the Red vs. Green stamps.
Manufacturers must ensure compliance. Under the Nigeria Tax Act 2025, compliance is required, and failure to stamp documents within 30 days can lead to severe penalties, including a 10% penalty fee plus interest.
While the government aims to enhance revenue, manufacturers, particularly in the brewing sector, have raised concerns that the policy could significantly diminish profitability and increase consumer prices, with potential to create 100% loss in profits if implemented as proposed.
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