The Nigeria Customs Service (NCS) has adjusted the foreign exchange (FX) rate for import duties to N1,530 per dollar.

This represents a 6.13 percent increase compared to the N1,441.58 adopted on May 6.

The rate adopted by customs was observed on Friday on the federal government’s single window trade portal.

Customs typically adopt FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official FX market.

It was observed that the NCS rate is marginally lower than the official FX rate of N1,533/$ recorded at the close of trade on May 16.

On May 15, the Nigerian currency depreciated to N1,550 against the dollar at the parallel section of the FX market.

The parallel FX rate declined by 1.95 percent compared to the N1,520/$ reported on May 13.

On May 16, Muda Yusuf, director-general, Centre for Promotion of Private Enterprise (CPPE), advised NCS to set a quarterly exchange rate between N800/$ and N1000/$ for import duties assessment.

Yusuf said the continuous fluctuation affects inflation.

He said setting a fixed rate was necessary to reduce the pass-through effect of heightening trade costs on inflation.

The naira appreciated in the parallel section of the foreign exchange (FX) market on Friday.

At the Lagos street market, currency traders, also known as bureau de change (BDC) operators, quoted the naira at N1,510 to the greenback.

The traders put the buying price of the dollar at N1,480 and the selling price at N1,510 — leaving a profit margin of N30.

The figure represents an appreciation of N40 or 2.65 percent from the N1,550/$ traded on May 15.

At the FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the local currency appreciated by 2.45 percent or N36.66 to N1,497.33/$ on Friday — from N1,533.99/$ on May 16.

During trading hours, an exchange rate of N1,555 to the dollar was the highest rate recorded and the lowest rate was N1,415/$.

At the official window, a daily turnover of $83.50 million was recorded.

On May 16, the Centre for the Promotion of Private Enterprise (CPPE) urged the Central Bank of Nigeria (CBN) to peg the exchange rate benchmark for computation of import duty between N800 and N1,000 per dollar — to be reviewed quarterly.

Muda Yusuf, CPPE’s director-general, said this is important to lessen the pass-through effect of heightening trade costs on inflation.

The Federal Airport Authority of Nigeria (FAAN) has begun the sale of electronic tags (e-tags) at airports.

In a statement on Friday, FAAN said this initiative is in line with the presidential directive that mandates the use of e-tags for accessing the nation’s federal airports.

“Following the presidential directive that all citizens are mandated to pay for e-tags at all the 24 federal airports across the country, we wish to inform the general public that the e-tags are available for sale from Friday, 17th May, 2024 at the following locations,” FAAN said.

“Lagos: Murtala Muhammed International Airport Lagos, Terminal 1, 5th Floor) Office of HOD Commercial. Contact: 08033713796 or 08023546030.

“Abuja: Nnamdi Azikiwe International Airport, HOD Commercial Office (General Aviation Terminal) Contact: 08034633527 or 08137561615.”

FAAN said there will be an option to pay in cash at the access gates for motorists without e-tags.

On May 14, Festus Keyamo, minister of aviation, announced everyone, including the president and vice-president, would pay tolls at the nation’s airports.

Keyamo said the government was losing over 82 percent of the revenue it should have earned from the access fee.