The Nigeria Customs Service (NCS) has reported a decrease of 15,999, approximately 5%, in the volume of Single Goods Declarations (SGDs) for imports during the first quarter of 2024. The total volume decreased from 327,492 SDGs in Q1 2023 to 311,492 in Q1 2024. A more significant decline of 91,741, roughly 23%, was observed compared to Q1 2022, as per a document released by the agency and reviewed by Nairametrics on Wednesday.The document stated:”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.”This figure indicates a decrease compared to the total volume of 327,491 processed in 2023 and 403,233 SGDs in 2022.”The NCS attributed the fluctuating import duty rates as the primary reason for the decline in SGD volume. Additionally, the Central Bank of Nigeria (CBN) issued approximately 28 different import duty rates in the first three months of 2024, creating challenges for the NCS due to the exchange rate fluctuations affecting import duties.Comptroller General of Customs, Adewale Adeniyi, highlighted:”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 NGN 951.94 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.”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.”The repercussions of these fluctuating rates have sent concerning signals to our stakeholders, affecting and disrupting activities.”However, Adeniyi noted that 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.The NCS also reported a 10.60% growth in export activities, with a total of 10,786 SGDs processed in 2024 compared to 9,752 transactions in 2023. Additionally, the agency recorded over N1.3 trillion in revenue for Q1 2024, marking a 122.35% increase compared to the previous year. This revenue included over N390.82 billion in January, over N450.21 billion in February, and over N217.67 billion in March.