The Nigerian Customs Service (NCS) has raised the foreign exchange (FX) rate for import duties to N1,441.53 per dollar.

The current figure reveals a 4.94 per cent increase from N1,373.64/s adopted on May 1.

The new rate adopted by NCS exceeds the official FX rate of N1,402/$ recorded on May 2, 2024, and N1,390, the official trade rate on May 1, 2024.

The current decline of the naira comes as a sharp contrast to its solid performance in the month of March, which earned it the status of the best-performing currency in the world according to Goldman Sachs. The new month began with the naira plummeting to N1,360/$, a 0.74% decline when compared to the last trading day in April.

Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE) when asked about the frequent changes in the customs FX rate for import duties on May 1, commented that the undulation of the naira was detrimental to the economy.

The CPPE called on the CBN to adopt a uniform rate to create certainty in the trade sector, stating that the CBN must tame inflation and ensure stability.