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The Comptroller General of the Nigeria Customs Service (NCS), Adewale Bashir Adeniyi, clarified on Tuesday that the recent adjustment in the exchange rate impacting import and export transactions at the ports was initiated by the Central Bank of Nigeria (CBN) and not the Customs.
During a live television program on Arise TV, the Customs CG addressed the recent surge in the exchange rate and emphasized that the Customs Service is bound by the decisions made by the CBN in the merged Forex market. President Bola Tinubu’s administration had merged various segments of the Forex market, limiting Customs’ independent use of exchange rates without consulting the unified Forex window.
Adeniyi further discussed the potential implementation of a salary review for Customs officers in the near future. This consideration aligns with ongoing efforts to enhance the welfare and remuneration of Customs personnel.
The Customs CG highlighted the dynamic nature of the Forex market and the interconnectedness of economic policies, emphasizing that adjustments in exchange rates are beyond the control of the Customs Service. He urged stakeholders to understand the broader economic context and the collaborative approach required for addressing challenges related to exchange rates and international trade.
As the CBN plays a pivotal role in shaping exchange rate policies, Adeniyi’s statement aims to clarify the division of responsibilities and decision-making authority between Customs and the central bank regarding exchange rate adjustments affecting import and export activities at the ports.
