The Central Bank of Nigeria (CBN) has increased the customs exchange rate used by importers clearing goods at the ports.
According to data from Nigeria’s trade portal, importers will now pay N1,663.3 per dollar from Monday, December 2, 2024.
The latest rate represents a N4 or 0.25% increase compared to the N1,663.39/$ exchange rate quoted previously.
Customs duty or import duty refers to the taxes and levies paid on goods imported into the country.
The duties are paid through a commercial bank to the Nigeria Customs Service, which receives on behalf of the federal government.
The decision to change the Customs rate reflects the naira’s performance against the US dollar.
Earlier, TimesNow.com.ng reported that the Nigerian naira ended November 2024 at a low against the US dollar (N1,672.69/$1) in the official foreign exchange market.
This is according to the FMDQ Securities Exchange, looking at data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The exchange rate on the last trading day of the month – November 29, 2024 – represents a depreciation of 1.7% or N27.83 compared to N1,644.86/$1 as of Thursday, November 26, 2024, and comes amid a decline in forex transactions from banks and authorised dealers.
Earlier, TimesNow.com.ng reported that the Lagos Chamber of Commerce and Industry (LCCI) predicted that the value of the Nigerian currency would improve against the US dollar.
Gabriel Idahosa, the President of LCCI, gave the prediction when he addressed journalists about the state of the economy in Lagos.
The chamber’s president believes this rate is achievable if the CBN reviews the current free-floating exchange rate.
Proofreading by Nkem Ikeke, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
