Customs set to establish stable FX rate for imports

The Nigeria Customs Service, NCS, has indicated that it has started working with the Central Bank of Nigeria, CBN, to achieve a stable exchange rate for imports.

The Comptroller-General (C-G) of Customs, Mr. Adewale Adeniyi disclosed this at a press conference in Abuja yesterday to mark his one year in office.

He spoke at the backdrop of huge distortions in business planning caused by frequent change in exchange rate over the past few months.

Meanwhile, he also said the NCS generated N4.49 trillion revenue in the last one year.

He stated: “The NCS reported a remarkable 74% growth in revenue collection over the past year, recording a total revenue collection of N 4.49 trillion between June 2023 and May 2024, compared to the N 2.58 trillion collected during the corresponding period of the previous year.

“This achievement was underpinned by a sustained increase of 70.13% in average monthly revenue collection compared to the previous year. NCS recorded an average monthly revenue collection of N 343 billion, compared to the N 202 billion monthly average.

“Notably, there was a substantial 122.35% rise in revenue collection during the first quarter of 2024 compared to the same period in the previous year”.

The gains, Adeniyi said, were attributable to the N15 billion recovery by the Revenue Review Performance Recovery exercise; N 2.79 billion recovered from the 90-day window for the regularisation of the documents of uncustomed vehicles; N 1.5 billion recovered from the decongestion of 1,705 overtime containers and 981 vehicles from the port.

He added, “It is also worthy to note that on June 13, 2024, NCS recorded a daily All-Time-High of N 58.5 billion in revenue collection.”