/ Oct 02, 2026
/ Oct 02, 2026

Customs To Use CBN Exchange Rate For Duty Payment – Adeniyi

Published on

By

The Comptroller General of the Nigeria Customs Service (NCS), Mr Bashir Adeniyi, has announced that the agency will now use the official Central Bank of Nigeria (CBN) exchange rate for computing import and export duties.

Speaking during an interview on Arise TV, Mr Adeniyi said the NCS does not have autonomy in determining the exchange rate for customs purposes. “We follow what is prescribed for us by the regulatory authority for monetary affairs, which is the CBN,” he stated.

Read Also:

VP Shettima decorates new Customs boss

The pronouncement comes on the heels of recent increments in the exchange rate used by the NCS for assessing import duties, which saw the rate inch close to that of the unofficial market rate. In November and December 2022, the customs exchange rate was raised from N757/$ to N951/$, representing a cumulative increase of over 20%.

Mr Adeniyi noted that as a government agency, the NCS will comply with official fiscal and monetary policies. He cited examples such as the removal of VAT on LPG imports and electric vehicle imports.

On revenue generation, the Customs boss revealed that collections have increased 37% under his watch. The agency is targeting revenue of N5.1 trillion in 2024. He added that trade facilitation is also a major priority for customs, especially with the implementation of the Africa Continental Free Trade Area (AfCFTA) agreement.

The new policy is expected to reduce arbitrariness in the exchange rate applied by customs commands across the country. Importers hope it will lead to stability and predictability of duty rates on imports.

You May Like

4 thoughts on “Customs To Use CBN Exchange Rate For Duty Payment – Adeniyi”

  1. В джунглях ставок, где любой ресурс пытается зацепить гарантиями легких призов, топ рейтинг онлайн казино
    становится той самой путеводителем, что ведет сквозь заросли обмана. Игрокам хайроллеров плюс начинающих, кто пресытился из-за ложных обещаний, он помощник, дабы ощутить настоящую выплату, как тяжесть золотой монеты у руке. Минус лишней ерунды, просто реальные площадки, в которых rtp не лишь показатель, а конкретная удача.Составлено из поисковых запросов, как сеть, что ловит наиболее горячие веяния по сети. Тут нет роли про клише трюков, любой элемент будто ход в столе, там подвох проявляется сразу. Профи знают: на России стиль речи на подтекстом, в котором юмор притворяется словно намёк, помогает обойти обмана.В https://www.youtube.com/@Don8Play/posts данный топ находится как открытая раздача, подготовленный для раздаче. Посмотри, коли желаешь ощутить ритм подлинной игры, минуя мифов плюс неудач. Для тех знает ощущение приза, такое словно иметь фишки у ладонях, минуя пялиться в экран.

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Must Read

Phyna celebrates her BBNaija anniversary after defeating Nkechi Blessing in a celebrity boxing bout.

Phyna marks BBNaija anniversary with historic boxing win

Big Brother Naija winner Ijeoma Otabor, popularly known as Phyna, has marked the fourth anniversary of her reality TV victory after making history in the boxing ring.   Phyna won the seventh season of Big Brother Naija, Level Up, on October 2, 2022. Four years later, she celebrated the anniversary by reflecting on another major milestone after defeating Nollywood actress Nkechi Blessing by knockout. The victory came during Balmoral Promotions’ Chaos in the Ring celebrity boxing event held at the Federal Palace Hotel, Victoria Island, Lagos, on Thursday. In a post shared on Friday, Phyna described October 2 as a special date in her life, noting that it marked both her BBNaija victory and her historic boxing triumph. She said her move from reality television into boxing reflected her determination to challenge herself, break barriers and demonstrate that there was more to her than her reality TV career. Phyna also dedicated the victory to women who had been told they could not achieve certain things, saying her experience showed that they could overcome such barriers. The reality star received ₦50m for winning the bout and indicated that she intends to pursue professional boxing, potentially making the victory the beginning of a new sporting career. Following the fight, Phyna called out Nollywood actress Etinosa Idemudia as a possible next opponent. She said Etinosa had been sending her direct messages and that she wanted to face her in the ring. Etinosa, who watched the fight from ringside, accepted the challenge. The event also featured a celebrity bout between skit maker Carter Efe and musician Speed Darlington, with Carter Efe winning by technical knockout. In the professional boxing contest, Ghanaian boxer Seth “Freezy Macbones” Gyimah defeated Nigerian champion Godday “Zodsolo” Appah by unanimous decision to win the WBO African Light Heavyweight Continental Championship.
Read more

Editor's Pick

Trending News

Newsletter

Enter your email address and receive notifications of news by email.

You have been successfully Subscribed! Ops! Something went wrong, please try again.

© 2026 GongNews. All Rights Reserved.