The FX rate for Customs duties has increased from N1,520 per dollar to N1,558.
The current figure represents an increase of N38 from the previous rate and is higher than the closing rate of the naira against the dollar, which is N1,554.66 per dollar.
The Nigerian currency had crashed during the week to N1,561 to the dollar in the official market,
Despite the nairaâs depreciation, foreign exchange turnover in the official market has risen consistently.
According to data from the FMDQ Exchange, FX turnover in the official market surged to $348.88 in the official market.
Data from the Customs trade portal reveal that the CBN had reduced the Customs rate earlier in the week from N1,549 to a dollar to N1,520 before the recent increase.
The move indicates the nairaâs depreciation in the official market, as Nigeria’s foreign reserve increased to $35.05 billion.
Data from the Central Bank of Nigeria indicates that Nigeriaâs reserves have increased since July 2024.
Analysis shows that the countryâs reserves reached their highest level since May 30, 2023, at N35.09 billion, 14 days before the naira devaluation and foreign exchange unification of June 2023.
This is the first time under President Bola Tinubu that the countryâs reserves crossed that threshold.
According to analysts, the FX policies of the CBN may have boosted the FX reserve, including financial commitment from Afreximbank and the World Bank via loans.Â
TimesNow.com.ng earlier reported that the Nigerian naira depreciated against the US dollar on Monday, July 8, 2024, despite improved Forex turnover in the official foreign exchange market.
Willing buyers and sellers quoted the US greenback at N1,523 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), where the dollar is traded officially.
After several days of depreciating in the official market, the naira was exchanged for N1,509 on Friday, July 5, 2024.
Source: TimesNow.com.ng
