Decline in registered transactions as CBN jerks up Customs exchange rate
Decline in registered transactions as CBN jerks up Customs exchange rate
Segun Oladipupo
The Nigeria Customs Service (NCS) has stated that the recent upward review of the exchange rate has led to decline in the number of registered transactions on the service’s portal.
Responding to questions from our correspondent, CSC Abubakar Usman, Public Relations Officer of Apapa command maintained that the decline did not affect the revenue collection of the command.
Recall that the Central Bank of Nigeria (CBN), last week increased the exchange rate to N1,413.62/$. The adjustment is coming after Customs moved the rate to N1,356 on Friday, February 2, 2024 from N951/$.
The upward review has generated hues from the industry stakeholders as freight forwarders vowed to protest at the ports to show their grievances over the sudden increase.
The increase is coming at a time the prices of items in the market have hit the rooftop.
Asked whether the increase has any negative impact on the revenue collection of the Apapa command, the spokesman who did not give any figure, maintained that there is a noticeable decline in registered transactions ostensibly from the adjustment of the exchange rate.
“It hasn’t affected the revenue collection of the command per se. Though, there is a noticeable decline in the number of registered transactions as observed on the system, which could not be unconnected with the recent adjustment of exchange rate. Nonetheless, the command is doing everything at its disposal to facilitate legitimate trade. Thank you, ” he submitted.
