Customs does not determine exchange rate —PRO

Bomodi said that the Central Bank of Nigeria (CBN) was the only organisation vested with the power to determine official rates for calculating duties and other taxes applicable for import and export.

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The Nigeria Customs Service (NCS) says it does not determine exchange rate.

The Public Relations Officer of the service, Deputy Comptroller Timi Bomodi said this in a statement on Wednesday in Abuja.

He was reacting to some media reports allegedly attributing increase in exchange rate to the NCS.

Bomodi said that the Central Bank of Nigeria (CBN) was the only organisation vested with the power to determine official rates for calculating duties and other taxes applicable for import and export.

“The rate of exchange used to calculate duty payments is not a static phenomenon.

“Members of the trading public are kindly advised to go about their business dealings with the full assurances of the Service’s commitment to trade facilitation,” he said.