The Nigeria Customs Service (NCS) has issued a statement to clarify its role in determining foreign exchange rates for customs valuation, following recent discussions and misconceptions surrounding the topic. The Deputy Comptroller of Customs and National Public Relations Officer, Abdullahi Maiwada, emphasized that the rates utilized on their digital clearance platform are provided by the Central Bank of Nigeria (CBN) and not determined by the NCS itself. This clarification is meant to address concerns raised by the public regarding foreign exchange pricing and its impact on investors and customs practices.

The NCS recognized the importance of informed public debate to enhance understanding of Nigeria’s trade and revenue environment. Maiwada noted the necessity of providing accurate information to prevent misinformation about the customs valuation processes. By outlining the clear demarcation of responsibility between the CBN and the NCS, the agency aims to foster a more transparent dialogue regarding the complexities of foreign exchange in relation to customs operations.

Through this initiative, the NCS hopes to contribute positively to public understanding and stakeholder engagements, fostering a clearer perspective on how exchange rates influence imports and exports. As these discussions have implications for overall economic stability, the NCS aims to ensure that any public discourse surrounding such topics is based on factual and transparent information, ultimately strengthening the integrity of Nigeria's trade framework.