The Nigeria Customs Service recorded 62 exchange rate changes during the first quarter of 2025, highlighting ongoing currency instability within the trade and importation ecosystem.

Its comptroller-general, Adewale Adeniyi, disclosed this at a Tuesday press briefing in Abuja, where he reviewed the agency’s operations for the first quarter of 2025.

Mr Adeniyi called the volatile exchange rate one of the agency’s key challenges, as it disrupted trade patterns and valuation systems and sowed uncertainty among Nigerian importers and exporters.

“Within the quarter, we saw 62 exchange rate changes. Rates ranged from ₦1,477.72 to ₦1,569.53 per dollar, averaging ₦1,521.59,” the customs boss stated.

Although this marked a slight improvement from Q4 2024, which peaked at ₦1,688.28, volatility remains high, and import cost predictability remains fragile.

Mr Adeniyi said the service continues working with the Central Bank of Nigeria and the finance ministry to introduce stabilisation measures targeting import exchange rates.

Another hurdle, he noted, was the stop-start implementation of the Financial Customs Service Operation, known as the four per cent free on board charge.

The policy’s sudden suspension triggered disruptions, forcing customs and stakeholders into temporary operational recalibrations.

In March, customs also contended with a 14 per cent reciprocal tariff slapped on Nigerian exports by the United States.

“This tariff could significantly affect our export trade and demands calculated diplomatic and policy manoeuvres,” Adeniyi said.

(NAN)