The Nigeria Customs Service generated a total of N1.3 trillion worth of revenue in the first quarter of 2024.
Speaking during a press briefing on Wednesday, the Comptroller General of Customs, Adewale Adeniyi, says the collection for the first quarter represents a substantial increase of 122.35% compared to the same period last year, where N606.1 billion was generated.
Mr. Adeniyi, however, said the Service encountered major challenges as a result of the fluctuations of the exchange rate regime, which he said were disruptive to the customs’ activities.
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Speaking further, he said while a singular exchange rate of N951.9 to $1 was maintained in January, February witnessed 15 different spot rates ranging from N951.9 to $1, to N1,662.3 to $1.
He added that March saw a total of 13 different spot rates applied, ranging from N1,303 to N1,630. These fluctuations, he also adds, have sent concerning signals to stakeholders, affecting and disrupting activities.
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