The Central Bank of Nigeria (CBN) has implemented a reduction in the exchange rate utilized by importers for Customs duties when clearing goods at ports.
This adjustment mirrors the recent slight appreciation of the naira in the official exchange rate markets.
Beginning Wednesday, importers will apply the new exchange rate when completing Form M for their goods, facilitating a more favorable trading environment. …CONTINUE READING
According to data from the federal government trade portal, the new Customs duty exchange rate is now N1,687.73 per dollar as of Wednesday, November 27, 2024.
The new exchange rate represents a 0.3% increase compared to the previous rate of N1,688.28 per dollar as of Thursday, November 21, 2024.
The new Customs duty exchange rate provided a snapshot of the performance of the naira in the foreign exchange markets.
