The Central Bank of Nigeria (CBN) has decided to increase the Nigeria Customs duty exchange rate to clear goods at ports to N1,655.92 a dollar on Wednesday, October 23.
The new rate represents a 0.97% increase from the previous rate of N1,639.928 per dollar on Monday, October 21, 2024
Customs duty, also known as 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 new Customs duty exchange rate reflects the current performance of the naira in the official Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to FMDQ securities exchange securities, the naira fell to N1,653.02/$1 exchange rate in the NAFEM window on Tuesday, October 22, 2024.
Tuesday’s exchange rate is 3.1% or N49.86 depreciation compared to Monday’s closing exchange rate of N1,603.16/$1.
In the parallel market, the value of the naira weakened further on Wednesday against the US Dollar by N5 to quote at N1,725/$1 compared with the preceding session’s N1,720/$1.
Earlier, TimesNow.com.ng reported that the Centre for the Promotion of Private Enterprise (CPPE) called on the CBN to peg the Customs duty rate to N1000/$ to ease the current hardships in the country.
Chief executive officer of CPPE, Dr Muda Yusuf, who made the call, believes that a significant policy adjustment is necessary to complement current measures to address the country’s ongoing cost-of-living crisis.
The renowned economist emphasised that adopting a lower exchange rate would help stabilise the price of goods in the market.
Source: TimesNow.com.ng
