The cost to pay Nigeria Customs Service (NCS) has gone up. Now, it is N1618.73 for 1 dollar. Before, it was N1600.32 for 1 dollar.
This new price is the highest since March 2nd, 2024. Back then, it was N1630 for 1 dollar.
The NCS price is higher now because the naira, Nigeria’s money, lost value in July. It went down by 6.43%.
In July, the naira’s value was lower than it has been in four months. It was between N1500.32 and N1621.12. This is even though the Central Bank of Nigeria (CBN) tried to help by selling dollars.
In July, the CBN sold dollars four times to help the naira. They sold to dealers and to special money changers.
Because of this, more people bought and sold dollars in Nigeria’s main exchange market. A study showed that people traded $4.34 billion in July. In June, it was $3.33 billion.
Big Boost in Customs Money in Early 2024
In the first half of 2024, the Nigeria Customs Service made N2.74 trillion. This is 127% more than the same time in 2023. They made this much money even though there were fewer goods coming in and out.
At the start of 2024, NCS had trouble because the naira’s value kept changing. They had to change the rate they used to charge people a lot. In March alone, they used 13 different rates.
The government suggested using a stable rate of N800 for 1 dollar. This would help businesses plan better. Also, a business group wanted the CBN to change the rate every three months, not more often. This would help importers plan their business.