The Nigeria Customs Service (NCS) has told the public that it is not the determinant of exchange rate.
Timi Bomodi, the Public Relations Officer, Deputy Comptroller made this clarification via a statement on Wednesday.
The spokesperson reacted to the reports which attributed the increase in exchange rate to the NCS.
Bomodi explained that the Central Bank of Nigeria (CBN) had the sole responsibility to decide the exchange rate.
The PRO revealed that the mother of all banks fixes official rates for the calculation of duties and other taxes which are applicable for import and export.
“The rate of exchange used to calculate duty payments is not a static phenomenon.
“The trading public are advised to go about their business dealings with the full assurances of the Service’s commitment to trade facilitation”, he noted.