The foreign exchange rate for Nigeria Customs Services’ (NCS) cargo clearance in ports and other goods entry points has dropped to N1260.49/$ from N1330/$.
Gatekeepers News reports that this decline is worth around N70 for cargo clearance.
This new exchange rate reflects the closing rate on the official NAFEM window, where the naira closed at N1255/$.
The exchange rate used for import duty payments on the customs portal has been decreasing over the last two weeks, reflecting the naira’s fortification in the foreign exchange (FX) market.
The exchange rate had reached its peak at N1,624.7/$1 and has since been on a downward trajectory to its present level.
The Customs Service has confirmed that the Central Bank of Nigeria (CBN) frequently adjusts the exchange rate to reflect the prevailing official market rate.
Regarding the customs exchange rate and its fluctuations, the CBN has clarified that the exchange rate applicable on the date when the ‘Form M’ is initiated would be the benchmark for assessing import duties.
The Nigerian Customs boss had earlier complained that the frequent changes in the exchange rate for duty collection and cargo clearance are inhibiting trade in the country. In the first quarter alone, there were about 28 different exchange rates for cargo clearance.
The CBN has recently implemented various reforms to stabilize the forex market, curb speculative activities, eliminate pricing irregularities, and enhance the naira’s strength.
