The Central Bank of Nigeria (CBN) has made an important adjustment to the exchange rate applied for Customs duty by importers, aimed at facilitating the clearance of goods at ports.
This updated Customs exchange rate takes into account the recent depreciation of the naira in both official and unofficial markets. While this change reflects current market dynamics, it presents challenges for importers, who will need to allocate more resources to clear their goods.
Efforts to stabilize the naira and improve pricing for imported goods continue to be a priority, as stakeholders look for ways to enhance affordability for consumers in the long run.. …CONTINUE READING
The Central Bank of Nigeria (CBN) has again decided to increase the Nigeria Customs duty exchange rate to clear goods at ports and airports.
According to data from the federal government trade portal, the new Customs duty exchange rate is now N1,688.28 per dollar as of Friday, November 22, 2024.
The new exchange rate represents a 0.33% increase compared to the previous rate of N1,682.72/$ on Tuesday, November 19. Naira exchange rate
The new Customs duty exchange rate provided a snapshot of the performance of the naira in the foreign exchange markets.
The value of the Nigerian currency, the naira, fell again on Wednesday, November 20, 2024, after a brief rebound on Tuesday, November 19, 2024.
The naira crashed against the dollar in the official window to close at N1,687.52, down from the N1,678.93 per dollar it traded the previous day.
Thursday ’s crash was one of many instances in which the naira depreciated against the dollar amid the Central Bank of Nigeria’s (CBN) intervention drought.
