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Tag: NCS

  • NCS hits N5.1trn revenue target for 2024 – C-G

    NCS hits N5.1trn revenue target for 2024 – C-G

    The Nigeria Customs Service (NCS) hit its 2024 revenue target of N5.1 trillion on Tuesday, its Comptroller-General, Adewale Adeniyi, has disclosed.

    Adeniyi made the disclosure on Wednesday in Abuja at the opening ceremony of the 2024 Comptroller General Conference (CGC), tagged ‘NCS: Engaging Traditional and New Partners with Purposes’.

    “I am pleased to announce that yesterday, 12 November 2024, at exactly ten minutes past one, the NCS hit its 2024 revenue target of NGN 5.07 trillion, with more than a month remaining in the fiscal year.

    “This exceptional performance projected to exceed our target by at least 10 per cent validates our partnership-driven approach to revenue collection and trade facilitation.

    “The achievement is not merely about numbers; it demonstrates how enhanced stakeholder collaboration, improved processes, and modernised systems can deliver tangible results for our nation’s economy,” he said.

    He said that custom’s modernisation initiatives have continued to yield immediate benefits for its stakeholders, and it strives to sustain continuous improvement.

    According to the C-G, the service has successfully implemented key reforms, which include its Authorised Economic Operators (AEO) scheme, which currently has six beneficiaries in its pilot phase.

    He further said that the advanced ruling system had processed 31 requests, with 12 rulings issued and 75 per cent completed in October following its stakeholder sensitisation efforts.

    He added that the introduction of 24-hour cargo clearance at major ports had significantly reduced dwell time.

    “The completion of Nigeria’s first-time release study now provides us with empirical data to measure and improve our efficiency.

    “Our enhanced risk management systems are streamlining operations, and the deployment of non-intrusive inspection equipment is accelerating cargo examination while maintaining robust controls,” he explained.

    He restated the commitment of NCS in fulfilling its enforcement mandate, stating that they have achieved unprecedented success in protecting both our citizens and economy.

    “The scale of our intervention is reflected in seizures valued at NGN 28.1 billion and counting in 2024 alone.

    “These seizures span critical areas of national concern, from wildlife items and arms and ammunition to narcotics and pharmaceutical products.

    “An important moment in our’ enforcement strategy was the declaration of a state of emergency at our major ports.

    “This led to the interception of 48 containers of illicit pharmaceutical items and narcotics, significantly disrupting the flow of potentially harmful products,” he said.

    He described the conference theme as apt, particularly with the evolving economic landscape, stating that multisectoral engagement was key as no single agency can effectively address customs challenges alone.

    Adeniyi said that the sessions of the conference would provide rich discussions on revenue collection, trade facilitation, partnerships, and compliance.

    He said that the insights and experiences of stakeholders were crucial in helping the service refine its strategies for the coming year, particularly as it develops its next generation of customs leaders.

    The conference, which started on Tuesday, would end on Friday.

  • Private jet owners get one month grace to verify aircraft

    Private jet owners get one month grace to verify aircraft

    The Nigeria Customs Service (NCS) has extended its verification exercise for the recovery of import duties on illegally imported private aircraft by one month, effective from 14 October to 14 November.

    Abdullahi Maiwada, spokesperson for the NCS, announced this extension in a statement released in Abuja on Monday.

    According to Maiwada, this extension provides an additional window for operators of privately owned aircraft to comply with necessary regulations and fulfill their obligations.

    Maiwada emphasised the NCS’s commitment to ensuring all illegally imported aircraft meet legal requirements, promoting transparency and accountability in the aviation sector.

    He encouraged aircraft operators toutilise the extended period to avoid sanctions resulting from non-compliance after the deadline.

    Adewale Adeniyi, Comptroller General of Customs, reiterated the service’s dedication to enforcing import duty laws and maintaining Nigeria’s aviation sector integrity.

    He also appreciated stakeholders’ cooperation and understanding during this exercise.

    “This verification exercise is part of the NCS’s efforts to address concerns about private jet operators evading import duties by exploiting temporary import permits.

    “The NCS aims to ensure proper imports and maximum revenue collection for the Federal Government.

  • Alleged money laundering: Reps set to probe EFCC, NCS over N15m received from Bobrisky

    Alleged money laundering: Reps set to probe EFCC, NCS over N15m received from Bobrisky

    The House of Representatives has moved in favour of a motion to investigate the allegations of corruption against the Economic and Financial Crimes Commission (EFCC) and Nigerian Correctional Service by Martins Vincent Otse a.k.a VeryDarkMan for collecting N15m for money laundry from Idris Okuneye (Bobrisky) to drop charges.

    This was sequel to a motion of urgent public importance by Rep. Patrick Umoh on the “Urgent need to investigate the disturbing allegation of corruption against the Economic and Financial Crimes Commission (EFCC) and the Nigerian Correction Service to save Nigeria from ridicle”, on Thursday at plenary.

    Leading the debate emphasised that has beena very disturbing and widely circulated publication emanating from VeryDarkMan against the EFCC and NCS on the alleged dropping money laundry charges against ‘Bobrisky’ and also that upon conviction for defacing the naira did not serve his time at the prison.

    The motion reads: “The House notes the disturbing and widely circulated publication emanating from Martins Vincent Otse (also known as VeryDarkMan) against critical Nigerian law enforcement institutions; the Economic and Financial Crimes Commission (EFCC) and the Nigerian Correctional Service;
    “Also notes the publication alleges that the Economic and Financial Crimes Commission (EFCC) dropped money laundry charges against Idris Okuneye (also known as Bobrisky) upon collection of the sum of Fifteen Million Naira (N15, 000, 000):
    “Further notes that the publication alleges that the Idris Okuneye, upon conviction for abuse and defacing of the Naira, by the court did not serve his time at the Nigeria Correctional Service, but was lodged outside the confines of the Service”.
    The House expressed worries about the negative image this has on Nigeria as a country.

    “Disturbed about the damning allegations against Nigerian critical law enforcement agencies of the Economic and Financial Crimes Commission (EFCC) and the Nigerian Correction Service established by this hallowed Chambers to fight correction and incarcerate persons convicted of crime for correctional purposes, respectively;
    “Worried about the negative image and portrayal of Nigeria as a corrupt nation and Nigeria’s struggle to redeem itself from such perception”, the motion further stated.

    The House unanimously adoption the motion to set up an ad-hoc Committee comprising of persons of unquestionable integrity to immediately probe the allegation and report back within 3 legislative weeks for further legislative actions.

  • Customs rakes in N277bn from import duties in August

    Customs rakes in N277bn from import duties in August

    Spokesperson of the Nigeria Customs Service (NCS), Mr Abdullahi Maiwada, on Thursday said the service collected N277.5 billion as import duties in August. Maiwada made the disclosure during the monthly news conference organised by the Strategic Communication Interagency Policy Committee (SCIPC) and hosted by the NCS in Abuja.

    The spokesperson said that the service also collected ₦15.8 billion in excise duties, demonstrating its commitment to maximising revenue generation. He stated that as part of the service’s efforts to suppress smuggling to the barest minimum, it recorded 83 seizures across various commands.

    “The NCS recorded 83 seizures across various commands, including 170,000 litres of Premium Motor Spirit (PMS) and 3,083 bags of foreign rice. The seizure also includes 1,014 parcels of cannabis sativa, 23 vehicles, and other contraband, with a total Duty Paid Value (DPV) of ₦975,066,791.65.

    “The NCS also intensified its “Operation Whirlwind” (OPWW) to combat the smuggling of petroleum products, especially in border states. The operation over the months has led to the interception of seven PMS trucks, the sealing of 12 retail outlets, and the seizure of 466,000 litres of PMS and 23 vehicles,” he said.

    According to him, investigations have led to the prosecution of seven suspects, while three marketers have been fined by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and sealed filling stations have been transferred for further action.

    Speaking at the briefing, the spokesperson of the Nigeria Police Force, Muyiwa Adejobi, stated that backdating fireman licenses to circumvent the ban on fire arms by the force remains fraudulent.

    Adejobi said the ban on the use of arms and ammunition in Nigeria was still in place and urged the public not to be deceived by arms dealers who say they can backdate licenses.

    “Don’t be deceived because there are certain individuals who would go and backdate the license and give it to you; they must have extorted you to even issue the license to you; it’s still fake. Don’t allow anybody to lead you in committing a criminal offence in the issue of arms,” he warned.

    According to the spokesperson, the force will be very aggressive in going after the possession of illegal fire arms across the country. He said that the force has arrested 97 members of the proscribed Shiite group following their face-off with police, where two of its personnel were killed.

    He warned that attacking the police or any other security operatives while discharging their constitutional duties would not be tolerated.

  • Navy dismantles massive 2 million litres per day refinery in Rivers

    Navy dismantles massive 2 million litres per day refinery in Rivers

    The Nigerian Navy (NA) has dismantled a massive refinery site with a capacity of two million litres per day along the Ogoloma-Bakana waterways in Rivers State.

    Spokesperson for the Nigeria Customs Service (NCS), Abdullahi Maiwada disclosed this during the monthly news conference, organised by the Strategic Communication Interagency Policy Committee (SCIPC) hosted by the NCS on Thursday in Abuja.

    He said the feat was achieved through the contributions of the Nigerian Navy’s  aggressive campaign against crude oil theft under its ‘Operation Delta Sanity’, which he said also destroyed 15 illegal refinery sites, 17 wooden boats, and 10 refining ovens across Bayelsa, Rivers, Delta and Ondo States.

    “These efforts have contributed to Nigeria’s crude oil production reaching 1.658 million barrels per day, reinforcing the Navy’s role in safeguarding the nation’s economic interests. Additionally, 72 bags of cannabis sativa were seized, and four suspects, including three Ghanaians and one Beninois, were arrested,“ Maiwada said.

    He said that the Nigeria Military troops  have neutralised 1,166 terrorists, arrested 1,096 suspected terrorists and criminal elements, and rescued 721 kidnapped hostages in August.

    He said the troops arrested key terrorist leaders in an effort to cripple  their groups` activities, with the aim of addressing the menace of kidnappings across the nation.

    “Among those taken off the battlefield were key terrorist leaders and commanders, including Munir Arika, Sani Dilla, and Ameer Modu in the Northeast, and Kachalla Dan Ali Garin Fadama, Sani Baka Tsine, and Ibrahim in the Northwest.

    “The strategy of dismantling these terror groups by targeting their leadership, commanders, and collaborators is significantly diminishing their capacity to carry out major offensives,“ he said.

    He said that the military during the period under review recovered 391 weapons, more than 15,000 rounds of ammunition, and disrupted oil theft activities worth more than N5 billion.

    The spokesperson stated that the NCS, as part of its efforts to suppress smuggling to the barest minimum,  recorded 83 seizures across various commands.

    He said that the seizures include 170,000 litres of  Premium Motor Spirit (PMS), 3,083 bags of foreign rice, 1,014 parcels of Cannabis Sativa, 23 vehicles, and other contraband, with a total Duty Paid Value (DPV) of  more than ₦975 million.

    He said that the NCS also intensified its `Operation Whirlwind` to combat the smuggling of petroleum products, especially in border states.

    According to him, the move over the months has led to the interception of seven PMS trucks, the sealing of 12 retail outlets, and the seizure of 466,000 litres of PMS and 23 vehicles.

    “Investigations have led to the prosecution of seven suspects, and three marketers have been fined by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), with sealed filling stations transferred for further action,“ he said.

    He added that the service in August collected ₦277.5 billion in import duties and ₦15.8 billion in excise duties, demonstrating its commitment to maximising revenue.

    He said that the Nigeria Immigration Service (NIS) anti-smuggling efforts  led to   the interception of 97 trafficked victims,  with 87 cases handed over to the National Agency for the Prohibition of trafficking in Persons (NAPTIP) and 10 reunifications.

    “The NIS also launched an anti-corruption campaign, conducted workshops at five international airports, and upgraded its Country Signing Certificate Authority (CSCA) and Public Key Infrastructure (PKI) to meet  the International Civil Aviation Organisation (ICAO) standards.

    “Additionally, NIS collaborated with the Netherlands on Hostmanship Training and eased out 61 foreign nationals to address irregular migration,“ he said.

  • Why Customs is yet to implement Tinubu’s order on import duties

    Why Customs is yet to implement Tinubu’s order on import duties

    President Bola Tinubu had directed the suspension of import duties and taxes on essential food stuffs to reduce inflation. However, the Nigeria Customs Service (NCS) was yet to begin the implementation.

    TheNewsGuru.com (TNG) reports Comptroller General of NCS, Bashir Adeniyi to have said on Tuesday that the service will begin implementation of the duty waiver on imported foods in a week’s time.

    Adeniyi made this known on Tuesday in Abuja during a combined news conference by the heads of security agencies and Service Chiefs, convened by the Chief of Defence Staff, Gen. Christopher Musa at the Defence Headquarters.

    He said that the guidelines for the implementation were still being worked out at the Ministry of Finance, saying it would begin as soon as the guidelines were ready.

    Adeniyi appealed to Nigerians to exercise patience, adding that efforts were ongoing to address the demands of the protesters, especially concerning the food inflation and cost of living.

    “I like to let Nigerians know that there has been a lot that is going on to address these issues that are related to ameliorating this situation.

    “This is through a mixture of fiscal policies of government and a number of strategic interventions from the government.

    “The Federal Government’s effort as part of intervention is the distribution of strategic food items which was released from the national grain reserves about a month ago.

    “This was released to all states of the federation. We also recall that a number of the food items that are consumed in Nigeria are imported.

    “Better parts of the components are imported and importations are not done of the shelf, it takes some time before they are done.

    “So, one of the things that the president has done is to reduce the cost, to push on the effects of the cost inflation by suspending customs duties and taxes on imported food items for a period of time.

    “We believe that when this is implemented, it will help to bring down the price of food items in the market”.

    According to him, the Nigeria Customs is committed to the implementation of this particular fiscal policy as enunciated by government.

    “But I also like to remind Nigerians that we need to be very, very careful in implementation of this and this is why the guidelines for implementation is being meticulously worked out at the Ministry of Finance,” he said.

    Adeniyi said there was need to understand what the intervention implied for the local markets, adding that the government was trying to address the interest of all the stakeholders.

    He added that most of these food items that enjoyed the duty waivers and concessions were also being cultivated by Nigerian farmers, hence the need to balance interests.

    “There is the issue of striking a balance between the long term interest of Nigerian farmers and stakeholders who are involved in the production of these items and the short term interest of addressing food inflation.

    “So the guidelines are being worked out at the Ministry of Finance and I can assure you that within the next one week these guidelines will be ready and Nigeria customs will begin implementation of these particular fiscal policies,” he added.

  • Suspected smuggler kills Customs officer in Kaduna

    Suspected smuggler kills Customs officer in Kaduna

    The Nigeria Customs Service, Federal Operations Unit, Zone B, has announced the tragic death of an Insp of Customs (IC) Hamza Abdullahi-Elenwo.

    The incident, it was gathered, occurred on Friday during a stop-and-search operation at Achilafia along the Daura-Kano road in Jigawa.

    The details were contained in a statement issued by SP Isah Sulaiman, the Public Relations Officer for the Federal Operations Unit, Zone B, Kaduna.

    According to him, the suspect has been detained while Comptroller Ahmadu Shuaibu vowed to ensure justice for the slain officer.

    Sulaiman said, ”The incident happened when a vehicle, suspected of being smuggled into the country struck the operative while attempting to evade arrest.

    ”The late officer was rushed to General Hospital Kazaure and later transferred to the Federal Medical Centre (FMC) Katsina, where he was pronounced dead by the doctor on duty.”

    Insp Hamza, an indigene of Port Harcourt, Rivers, was born on April 15, 1985.

    ”He joined the Nigeria Customs Service as Customs Assistant III (CAIII) in the Transport and Logistics Unit on October 17, 2013, and was promoted to the rank of Inspector of Customs (IC) in 2022.

    ”He is survived by his wife and two children and his remains had been laid to rest in Katsina according to Islamic rites.

    ”Shuaibu, on behalf of the entire officers and men of the unit, extended his heartfelt condolences to the deceased’s family and prayed for his eternal rest.

    ”Shuaibu noted that the incident highlights the level of desperation among smugglers who operate with disregard for human life,” Sulaiman added.

    He added that this was one of many instances where smugglers killed and maimed personnel of the service in attempts to evade arrest.

    The spokesperson quoted Shuaibu as vowing to ensure that justice was served,  adding, ”one suspect has been arrested and is in the custody of the Nigeria Police Force, Gwiwa Division in Jigawa.

    “The unit’s operatives would not be deterred and would remain unwavering in the fight against smuggling.”

  • NCS generates N1.02trn in first half 2024

    NCS generates N1.02trn in first half 2024

    The Nigeria Customs Service (NCS) has generated N1.02 trillion at its Apapa Area Command in the first half of the year.

    The Customs Area Controller, Apapa Command, Babatunde Olomu, disclosed this at a news conference in Lagos on Monday.

    He said that the figure represented a 143 per cent increase over the N421.38 billion generated during the same period in 2023.

    Olomu highlighted that the agency’s efforts at promoting and facilitating trade were yielding significant results.

    “Our efforts have been mainly targeted at preventing revenue losses, improving ease of doing business, and engaging stakeholders,” Olomu said.

    He noted that the command generated the amount in spite of a sharp reduction in trade volume.

    “We have implemented measures to prevent government revenue loss by using a blend of intelligence and community relations,” he added.

    Olomu said that during the review period, the command intercepted 11 containers of regulated items, such as expired drugs, contraband goods, and frozen birds worth N424 million, compared to 42 seizures with a Duty Paid Value (DPV) of N1.4 billion in the corresponding period of 2023.

    “These seizures were made from dishonest importers attempting to smuggle goods into Nigeria,”she stated.

    The News Agency reports that the command uncovered a large quantity of expired and unregistered pharmaceuticals in three 40ft containers.

    It also uncovered  another three 40ft containers loaded with 7,580 cartons of frozen poultry products unfit for human consumption.

    Olomu explained that these smuggled items violated Schedule Three of the revised import prohibition list of the Common External Tariff (CET) and Section 233 of the Nigeria Customs Service Act 2023.

    He praised the motivation and leadership of the Comptroller General of Customs, Adewale Adeniyi, and thanked his men and officers for their hard work.

    The CAC attributed the command’s successes to support from sister agencies in the port, such as the Nigeria Police, Department of State Services, National Agency for Food and Drug Administration and Control, National Drug Law Enforcement Agency, Standards Organisation of Nigeria, and the Nigerian Army.

    Olomu said that in line with the CGC’s zero tolerance for smuggling, the command has reformed the management of cargoes moving from the mother port to bonded terminals by ensuring more meticulous oversight.

    “No cargo is allowed to exit our control without thorough inspection using the scanner,” he noted.

    He assured that proper cargo inspection would not be compromised, and the command would continue to make seizures, detentions and arrests where necessary.

    This, he added, would help to protect the national economy and prevent Nigerians from exposure to dangerous or unwholesome products like illicit drugs.

  • Customs intercepts rifles worth N270m at Lagos airport

    Customs intercepts rifles worth N270m at Lagos airport

    The Nigerian Customs Service (NCS) has intercepted a cache of arms and ammunition valued at N270 million at the Murtala Muhammed Airport (MMA) in Lagos.

    The Comptroller General of Customs (CGC), Bashir Adeniyi, made this known in a statement through the Customs spokesman, Abdullahi Maiwada, in Lagos on Wednesday.

    The consignment, which was intercepted at the cargo section of the MMA, was also imported from Turkiye with one suspect in custody.

    According to the Customs boss, military hardware and accoutrements are also intercepted by the airport command.

    “You may recall that the customs recently impounded 11 rifles and six pistols, among other items.

    “Similarly, just two days ago, a press briefing of this kind was held in Port Harcourt, where we showcased the seizure of 844 rifles and 112,500 rounds of ammunition.

    “On June 19, we deployed our personnel to man all the exit points effectively and mandated all examination officers to conduct 100 per cent examination of all consignments.

    “During the examination, an item was discovered and suspected to be part of a rifle from a console consignment with airway bill number 235-58737755, emanating from Turkey,” he said.

    He said that the entire consignment was isolated for thorough examination.

    “At the end of the examination, it was established that four packages were used to conceal 55 pieces of unassembled Jojef Magnum (Tomahawk) semi-automatic shotgun.

    “The unassembled rifles were concealed using shower faucet. The duty paid value of these illicit arms is N270.8 million and a suspect is currently in our custody.

    “The suspect is in connection with this illicit arms importation and is assisting with an ongoing investigation to uncover the perpetrators of this heinous crime,” Adeniyi said.

    He added that the analysis of this with similar recent seizures indicated that some unscrupulous Nigerians based in Turkey were purchasing, packaging and exporting these illicit arms to Nigeria.

    “Intelligence further revealed that they are exploring new frontiers to perpetrate their nefarious activities.

    “Still, I can assure Nigerians that all our commands are on red alert to intercept any such illicit arms importation,” he added.

    Adeniyi said that other military and para-military hardware and accoutrements were also seized by the command worth N1.29 billion.

    “The military accoutrements are drones, ballistic vests, helmets, walkie-talkies among others.

    “Also, on display are some military and paramilitary accoutrements improperly imported without end users’ certificates with a Duty Paid Value (DPV) of N1.29 billion.

    “The breakdown of these items is as follows: 148 pieces of drones; 172 pieces of ballistic vest; 15 pieces of ballistic vest; one piece of ballistic helmet; 8 pieces of walkie-talkies; 9,172 pieces of military and para-military badges.

    “Others are 20 pieces of camouflage uniform; 100 pieces of camouflage vest; 172 pieces of Camouflage caps and 120 pieces of binoculars,” he said.

    The Customs boss noted that the total Duty Paid Value of all the displayed items was N1.56 billion.

    He explained, “Relying on the relevant provisions of the Nigeria Customs Service Act 2023, the following decisions have been taken on the illicit items.

    “The 55 pieces of unassembled JOJEF Magnum AGNUM SemiEMI Automatic Shotgun are hereby seized, with the concealing items.

    “The items would be handed over to the coordinator of the National Centre for the Control of Small Arms and Light Weapons, under the office of the National Security Adviser, for diligent investigation and prosecution.

    “The Suspect arrested will be handed over to the centre for further processing. We will work diligently with other agencies of government to apprehend all other parties to this illicit importation.”

    In less than 48 hour the Nigeria Customs Service discovered 844 riffles and 112,500 rounds of ammunition in Onne on Monday, July 1.

    Recall that NCS seized the arms and ammunition at the Port Harcourt Area II Command in Onne.

    The Customs boss had said that they acted on credible intelligence on June 21, 2024, Customs officers, while inspecting a suspicious 1×40-foot container from Turkey, found it to contain 844 rifles and 112,500 rounds of live ammunition.

    Adeniyi said the items were concealed among doors, furniture, plumbing fittings, and leather bags, with a total duty-paid value of N4.1 billion.

    He said that three suspects were detained in connection with the seizurebof ammunition at onne with a thorough investigation underway to ensure all involved face legal consequences.

    Adeniyi said in June 29, 2024, customs officers also intercepted eight 40-foot containers destined for a bonded warehouse from Onne Port.

    He said the containers contained 1.05 million bottles of CSC Cough Syrup with Codeine, 3.5 million tablets of Trodol Benzhexol, and 720 bales of used clothes with the duty-paid value of N13.9 billion.

    The customs boss said that the interception underscored Customs’ commitment to national security and public safety.

  • How we determine import duty rates – Customs

    How we determine import duty rates – Customs

    The Nigeria Customs Service (NCS) has disclosed that prevailing exchange rate set by the Central Bank of Nigeria (CBN) determines its rates of import duty collection and not market forces.

    Spokesperson of NCS, Abdullahi Maiwada, who made this known in an interview on Wednesday in Abuja, said that importers transact their businesses in Dollars, which required them to obtain “Form M” from the CBN.

    Recall that the Nigeria Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) had recently suggested that the collection of customs duty should be charged in Naira instead of Dollars.

    The President of NACCIMA, Dele Oye, made the call in response to an April 8 circular by the CBN stopping the further use of foreign currency collateral for Naira loans.

    Oye had suggested that all bonafide government transactions should also be done in the country’s legal tender.

    According to the NCS spokesperson, the service collects duty on imported items using the prevailing rate for its calculations, while exporters use the Nigerian Export Proceed (NXP) form to repatriate their earnings.

    He said that the use of the rate was aimed at converting the value of imported items into the Naira equivalent in order to appropriately assess their worth.

    “The dollar rate is being used to calculate imported goods to ensure the requisite foreign exchange earnings for the country.

    “If people export, it earns us foreign exchange because they will bring dollars back to Nigeria.

    “If they are bringing dollars back, when they want to export items, they need to use dollars to buy items into Nigeria,” he said.

    Maiwada said that customs value was based on the cost of purchasing the imported items, which involved Cost, Insurance and Freight (CIF).

    “Based on that, we will be able to arrive at the customs value, and even the evaluation involves processes at arriving at the value of the item.

    “If that value is in dollars, it will be converted to Naira, and the algorithms will be applied, which determines the percentage rate of duty,” he said.

    He said that algorithm referred to a set of rules or procedures used by the NCS to calculate the amount of duties and taxes payable on imported goods.

    “These algorithms take into account factors such as the value of the goods, their country of origin, any applicable trade agreements or tariffs, and any exemptions or preferences that may apply,” he said.

    He said that fluctuation in exchange rate affected trade processes when applied in the clearance of consignments.

    According to him, trade is required to be predictable so that issues such as the calculation of landing cost of items and profits can be determined.

    He said that unpredictable processes of transactions were inimical to trade facilitation.

    Meanwhile, the Comptroller-General of NCS, Adewale Adeniyi, announced that in the first quarter of 2024, CBN approved 28 different exchange rates for calculation of import duty.

    He said that such fluctuations resulted in an average applied exchange rate of N1,314 to the dollar in the clearance of customs goods within the quarter.