BREAKING: CBN Orders Nigerian Customs Service to use exchange rate on date of ‘Form M’ for import duty assessment

JUST IN: CBN denies any plans to redenominate the naira

The Central Bank of Nigeria has directed the Nigerian Customs Service (NCS) to use the FX closing rate on the date that importers submit form M for goods clearance and import duty assessment.

This action is intended to address the instability and frequent modifications on the customs website about the liberalization of the foreign exchange market.

The CBN stated this in a statement signed by Hassan Mahmud, Director of Trade and Exchange Department, saying that continuous changes in customs duty rates have disrupted pricing structures, resulting in irregular increases in the ultimate cost of items on the market.

  • The bank stated, “To this effect, the Central Bank of Nigeria wishes to advise the Nigeria Customs Service and other related parties to adopt the FX rate on the date of opening the 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 importation and clearance of goods by the importers.
  • “This would enable the Nigeria Customs Service and the importers to effectively plan appropriately and reduce uncertainties around varying exchange rate in determining revenue, or cost structure respectively. 
  • Therefore, effective 26th February 2024, the closing rate on the date of opening of Form M for importation of goods and services would be the rate that would apply for assessment of goods and services. This supersedes the requirement of Memorandum 9, J (2) of the Central Bank of Nigeria Foreign Exchange Manual (Revised Edition) 2018.” 
Stay Connected , follow us on: Facebook: @creebhillsdotcom, Twitter: @creebhillsblog, Instagram: @creebhills, Pinterest: @creebhills, Telegram: @creebhills
To place an advert/Guest post on our site, contact us via [email protected]

LEAVE A REPLY

Please enter your comment!
Please enter your name here