The Central Bank of Nigeria (CBN) has reduced the exchange rate for customs import duties collection to its lowest point in the past eight weeks.
Gatekeepers News reports that this decrease in the rate for duties collection has been noted to be from N1405/$ to N1303.8 to the USD, indicating a 7.24% drop in the exchange rate in just a 48-hour period.
The current exchange rate of N1303/$ is the lowest value since February 2nd, 2024, when the exchange rate for customs duties stood at N1356.8/$.
The recurring decline in the customs exchange rate for duties collection indicates that the naira has appreciated in both the official and parallel markets in the last two weeks.
The exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange, the official forex trading portal showed that the Naira opened at ₦1328.51 per $1 on Wednesday, March 27, 2024, and closed at ₦1309.39 per $1 on Thursday, March 28, 2024.
The Nigeria Customs Comptroller-General had stated that the exchange rate for duties collection would be fixed by the Central Bank of Nigeria (CBN) based on the official market rate.
