_:n4a10d537665945e893ca3502d42aa52dxb0
<http://schema.org/articleBody>
"<span data-contrast=\"auto\">The Nigeria Customs Service (NCS) has recorded a decline of 15,999 (about 5%) in the volume of </span><span data-contrast=\"auto\">Single Goods Declarations (SGDs) for imports</span><span data-contrast=\"auto\"> in the first quarter of 2024. </span>\r\n\r\n<span data-contrast=\"auto\">The total volume declined from 327,492 SDGs to 311,492 between Q1 2024 and Q1 2023.</span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span>\r\n\r\n<span data-contrast=\"auto\">According to a document released by the agency and seen by Nairametrics on Wednesday, there was also a bigger decline of 91,741 (about 23%) when compared to Q1 2022.</span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span>\r\n\r\n<span data-contrast=\"auto\">The document read:</span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span>\r\n<ul>\r\n \t<li data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><i><span data-contrast=\"none\">“</span></i><i><span data-contrast=\"none\">In the First Quarter 2024, NCS processed a total of 311,492 Single Goods Declarations (SGDs) for imports, reflecting the volume of import transactions handled.</span></i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span></li>\r\n \t<li data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><i><span data-contrast=\"none\">“</span></i><i><span data-contrast=\"none\">This figure indicates a decrease compared to the total volume of 327,491 processed in 2023 and 403,233 SGDs in 2022</span></i><i><span data-contrast=\"none\">.”</span></i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span></li>\r\n</ul>\r\n<span data-contrast=\"auto\">The NCS blamed the fluctuating import duty for the major reason for the decline in the volume of SGDs.</span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span>\r\n<h4><b><span data-contrast=\"auto\">CBN issues 28 different rates in Q1 2024</span></b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span></h4>\r\n<span data-contrast=\"auto\">According to the NCS, the Central Bank of Nigeria (CBN) issued </span><a href=\"https://nairametrics.com/2024/04/03/customs-says-cbn-approved-forex-rates-for-import-duty-has-caused-disruptions/\"><span data-contrast=\"none\">about 28 different import duty rates in the first three months of this year</span></a><span data-contrast=\"auto\">.</span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span>\r\n\r\n<span data-contrast=\"auto\">The</span><span data-contrast=\"auto\"> Comptroller General of Customs, Adewale Adeniyi, </span><span data-contrast=\"auto\">noted that the NCS </span><span data-contrast=\"auto\">encountered major challenges with the fluctuations of the CBN exchange rate regime for import duty, which </span><span data-contrast=\"auto\">d</span><span data-contrast=\"auto\">isrupted its activities.</span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span>\r\n\r\n<span data-contrast=\"auto\">Adeniyi </span><span data-contrast=\"auto\">said:</span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span>\r\n<ul>\r\n \t<li data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><i><span data-contrast=\"auto\">“In the last quarter, a total of 28 rates were directed by the CBN, ranging from NGN 951.94 per USD 1 in January 2024 to a peak of NGN 1,662.35 per USD 1 in February 2024. While a singular exchange rate of NGN951.94 per USD 1 was maintained in January, February witnessed 15 different spot rates ranging from NGN 951.94 per USD 1 to NGN 1,662.35 per USD 1.</span></i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span></li>\r\n \t<li data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><i><span data-contrast=\"auto\">“March saw a total of 13 different spot rates applied, ranging from NGN 1,303.84 to NGN 1,630.16. These fluctuations resulted in an average applied exchange rate of NGN 1,314.03 per USD 1 in the clearance of Customs goods during the quarter.</span></i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span></li>\r\n \t<li data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"5\" data-aria-level=\"1\"><i><span data-contrast=\"auto\">“The repercussions of these fluctuating rates have sent concerning signals to our stakeholders, affecting and disrupting activities.”</span></i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span></li>\r\n</ul>\r\n<span data-contrast=\"auto\">He</span><span data-contrast=\"auto\">, however, </span><span data-contrast=\"auto\">noted that </span><span data-contrast=\"auto\">the Minister of Finance, Wale Edun, has initiated periodic consultations with the apex bank to mitigate the potential impact of exchange rate fluctuations on import activities.</span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span>\r\n<h4><b><span data-contrast=\"auto\">Rise in export and revenue</span></b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span></h4>\r\n<span data-contrast=\"auto\">The NCS noted that a</span><span data-contrast=\"auto\"> total of 10,786 SGDs were processed in 2024 compared to 9,752 transactions in 2023, representing a 10.60% growth in export activities</span><span data-contrast=\"auto\">.</span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span>\r\n\r\n<span data-contrast=\"auto\">The agency also </span><a href=\"https://nairametrics.com/2024/04/03/nigeria-customs-records-122-growth-in-revenue-for-q1-at-n1-3-trillion/\"><span data-contrast=\"none\">recorded</span></a><span data-contrast=\"auto\"> about N1.3 trillion in revenue for Q1 2024, an increase of 122.35% compared to the figure for last year.</span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span>\r\n\r\n<span data-contrast=\"auto\">A breakdown shows that it earned over N390.82 billion in January, over N450.21 billion in February, and over N217.67 billion in March.</span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\"> </span>"
<https://nairametrics.com/2024/04/03/nigerians-import-fewer-goods-in-q1-2024-over-import-duty-fluctuations/>