The exchange rate for customs import duties and cargo clearance in Nigeria has decreased for the fifth time in less than two weeks.
Gatekeepers News reports that the rate has now moved from N1,612 per dollar on March 15th to N1,405.46 per dollar currently.
The Nigerian Customs Service (NCS) had earlier announced that the exchange rate for duty collection and cargo clearance would be determined by the Central Bank of Nigeria (CBN), based on the official market rate.
A breakdown of the decline in the past few days
15th March 2024- N1,612/$
16th March 2024- N1,593/$
19th March 2024- N1,572/$
23rd March 2024- N1,448/$
27th March 2024- N1,405/$
Recent reports show that there has been a steady depreciation in value, indicating the strengthening of the naira against other currencies in both the parallel and official foreign exchange markets.
In the last two weeks, the naira has shown a notable improvement in its value, with an increase from N1,615 per dollar on March 13th to N1,382 per dollar by March 26th.
