Exchange rate fluctuation disrupted activities, Customs laments, rakes in ₦1.3trn revenue in Q1’24

The Nigeria Customs Service (NCS) has bemoaned the fluctuation in the exchange rate regime which it said affected and disrupted its activities.

The Comptroller General (CG) of the service, Bashir Adewale Adeniyi made this known during a press briefing on Wednesday.

He said, “In the last quarter, a total of 28 rates were directed by the CBN, ranging from N951.94\$1 in January 2024 to a peak of N1,662.35\$1 in February 2024. While a singular exchange rate of N951.94\$1 was maintained in January, February witnessed 15 different spot rates ranging from N951.94\$1 to N1,662.35\$1.

“March saw a total of 13 different spot rates applied, ranging from N1,303.84\$1 to N1,630.16\$1. These fluctuations resulted in an average applied exchange rate of NGN 1,314.03 per USD 1 in the clearance of Customs goods during the quarter.

“The repercussions of these fluctuating rates have sent concerning signals to our stakeholders, affecting and disrupting activities.”

Adeniyi, however, expressed delight in the relative stability in the past days, adding that the Service, with the support of the Minister of Finance, Wale Edun, has initiated periodic consultations with the apex bank to mitigate the potential impact of exchange rate fluctuations on import activities.”

Meanwhile, the CG also disclosed that the Service raked in a total of N1.3 trillion in revenue in the first quarter of 2024.

READ ALSO: Tinubu seeks $10bn to stabilise exchange rate as Naira slumps

Adeniyi also explained that over 572 seizures were made with a duty-paid value of N10bn.

He said, “In the first quarter of 2024, the NCS demonstrated remarkable performance in revenue collection. Total revenue collected during this period amounted to NGN 1,347,675,608,972.75. The collection for the first quarter represents a substantial increase of 122.35% compared to the same period last year, where NGN 606,119,935,146.67.

“When compared to the Federal government’s annual revenue target of NGN 5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of NGN 423 billion.”

Adeniyi also disclosed that a total of N1.6 billion was generated through its electronic auction platform launched in the first quarter of the year.

By Babajide Okeowo

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