The Central Bank of Nigeria (CBN) has crashed the Customs exchange rate for cargo clearance. This comes as the naira appreciated against the US dollar in the official and black markets
The Central Bank of Nigeria (CBN) has significantly crashed the foreign exchange rate for importers to clear goods from the nation’s air and seaports.
This development comes amid the recent recovery of the local currency, the naira, in the official Nigerian Autonomous Foreign Exchange Market (NAFEM). …CONTINUE READING
We earlier reported that the naira appreciated from N1,670 on Monday, October 28, 2024, to N1,650 per dollar on Tuesday, October 29, 2024, due to increased dollar supplies in the FX market.
Also, the naira rallied in the parallel segment of the foreign exchange market, appreciating from N1,730 to N1,725 per dollar.
Data from the Nigeria Customs Service trade portal shows that the CBN pegged the official exchange rate for cargo clearance at N1,651.282 per dollar from N1,655.92.
The new FX rate for Customs duty means that importers opening Form M from Friday, November 1, 2024, will pay less than those who opened the form on Monday, October 28, 2024.
