Determining exchange rate for the purposes of arriving at what import duty payment should be is the exclusive job of the Central Bank of Nigeria (CBN) and not the Nigeria Customs Service (NCS).
The National Public Relations Officer of the NCS, DC Timi Bomodi stated this in a statement, Wednesday.
Bomodi was reacting to trending reports that the Nigeria Customs Service is responsible for increase in exchange rate in duty calculation.
However, Bomodi explained, the “rate of exchange used to calculate duty payments is not a static phenomenon”.
Part of the statement reads: “The attention of the Nigeria Customs Service has been drawn to reports by some sections of the media attributing the increase in exchange rate in our system to the Nigeria Customs Service.
“ The rate of exchange used to calculate duty payments is not a static phenomenon.
“We wish to reiterate that the Central Bank of Nigeria is the only organisation vested with the authority to determine official rates as applicable for the purpose of calculating duties and other taxes applicable for import and export.
He urged members of the trading public to endeavour to know who is doing what as far as trade facilitation is concerned.
He urged them to go about their business dealings with the full assurances of the Service’s commitment to trade facilitation.
