After Eliminating Price Verification System, CBN Slashes Customs FX Rates For Cargo Clearance
- The Central Bank of Nigeria has slashed Customs Exchange Rates for import duties in Nigeria’s ports
- The slash follows a marginal recovery of the naira in the official market at N1,505 per dollar on Friday, June 28, 2024, from the N1,514 reported the day before
- The move comes shortly after the apex bank eliminated its Price Verification System for Form M
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.
The Central Bank of Nigeria (CBN) has adjusted Nigeria Customs FX rates for cargo clearance in Nigeria’s ports.
Checks on the Customs trade portal show that the apex bank slashed the price from N1,505 to N1,470,191 to dollar.
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CBN eliminates the Price Verification System
This development means that importers will pay less to clear cargo from Nigeria’s ports, effective from the time the change was made.
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The change comes a few days after the CBN eliminated the price verification system for cargo. Importers will now ditch the Form M process for cargo, the information said.
Legit.ng reported that the CBN announced on Wednesday, June 26, 2024, that it would stop its Price Verification System (PVS) Portal beginning July 1, 2024.
The decision comes amid recent developments in the Nigerian foreign exchange market.
Importers to abandon Form M for cargo clearance
The apex bank announced in a circular issued by W.J. Kanya, the acting director of the trade and exchange department, citing a previous circular dated August 17, 2023.
The Price Verification System Portal is an online platform introduced by the CBN to ensure that the prices of goods and services for foreign exchange transactions are correctly verified.
Naira gains in the official market
The slash in FX rates for cargo clearance comes as the naira gained marginally in the official market on Friday, June 28, 2024.
Traders in the official market quoted the dollar buying rate at N1,505 against the N1,514 it traded the previous day.
Data from the FMDQ Exchange shows that traders quoted the naira at an intra-day high of N1,540 per dollar and a low of N1430 amid a forex turnover of $187.82 million.
Naira gets new rating among world currencies in 2024
Legit.ng reported that the Nigerian naira emerged as the worst-performing currency in the world in the first half of 2024.
A report by Bloomberg on Friday, June 28, 2024, said devaluation, insufficient dollar liquidity, and market volatility have halted the Central Bank of Nigeria (CBN) 's efforts to boost the Nigerian currency.
Apart from the naira, Egypt's pound and Ghana's cedi were rated as the worst performers in the year's first six months.
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Source: Legit.ng
