The Nigeria Customs Service (NCS) has increased the foreign exchange (FX) rate for import duties to N1,441.58 per dollar, a 4.94 percent increase as against the N1,373.64/$ adopted on May 1.

The rate adopted by the NCS was observed on the federal government’s single window trade portal on Friday, May 3.

The NCS usually adopts FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official FX market.

The rate is higher than the official FX rate of N1,402/$ recorded on May 2, and N1,390 traded on May 1.

According to new CBN rules released on February 23, the customs and other related parties must adopt the closing rate in the official window for import duty.

The apex bank said the FX rate at the point of importation should be used for import duty assessment until the termination date and clearance are finalised.