Current exchange rate for customs duties collection is N1,637 to the USD, a decline from N1,666/$ last week.
Gatekeepers News reports that the FX rate for duties collection, according to the customs exchange rate portal, has been steadily rising from N1,564$ at the beginning of September to the current rate.
This increase comes amidst intervention by the Central Bank of Nigeria (CBN) and the renewed depreciation of the Naira in September 2024.
Following the CBN’s announcement of the sale of $20,000 to Bureau De Change (BDC) operators, the naira appreciated by around 5.1% on the official market, closing at N1,576.10 in the official Investor and Exporter (I&E) window on Thursday, September 26, 2024, reflecting a 5.48% gain from the previous day’s rate of N1,667.52.
The market turnover also saw a significant rise, increasing by 232.5%, jumping from $100.47 million on Wednesday to $334.05 million on Thursday.
During the trading session, the naira fluctuated between a high of N1,699.00 and a low of N1,567.00 before settling at N1,576.10 at the close of the trading day. The naira has been struggling to recover from its depreciation, which pushed it past the N1,600 mark in July amid significant market volatility.
Nigeria’s external reserves saw a modest increase, rising from $36.305 billion at the end of August to $36.730 billion by mid-September.
