The Central Bank of Nigeria (CBN) has made a noteworthy adjustment to the Customs exchange rate, facilitating smoother cargo clearance processes. This positive change coincides with the naira’s recent appreciation against the US dollar in both official and black markets.
Additionally, the CBN’s decision to lower the foreign exchange rate for importers clearing goods at the nation’s air and seaports aims to enhance trade efficiency. This initiative comes amidst encouraging signs of recovery for the naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM), reflecting a commitment to strengthening the local economy. …CONTINUE READING
