CBN Crashes Dollar For Importers After Naira Appreciates Against USD in Official, Parallel Markets
- The Central Bank of Nigeria (CBN) has adjusted the Customs import duty rates for cargo clearance
- The CBN adjusted the rate from N1,610 to N1,600 per dollar following the appreciation of the naira against the dollar
- The naira showed strength against the dollar on Thursday, August 1, 2024, trading at N1,670 per dollar
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 lowered the Nigeria Customs Service foreign exchange rates for cargo clearance in Nigeria’s ports.
The apex bank pegged the Customs exchange rate at N1,600 per dollar from the N1,610 it reported on Wednesday, July 31, 2024.
Source: Facebook
Importers to pay new rates
The development follows the consistent gain of the naira against the US dollar in the official market.
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!
Data from the Nigeria Customs Service portal shows that the new rate is the amount importers are expected to pay when opening Form M for cargo clearance.
For the first time in two weeks, the Nigerian currency, the naira, recorded an impressive performance against the US dollar.
The naira appreciated against the dollar in the Nigerian foreign exchange market on Thursday, August 1, 2024, to trade at N1,570 per dollar, representing a 2.47% increase from the previous day’s gain of N1,698.73 per dollar.
Naira recovers after two weeks
The naira's current performance is the first since July 24, 2024, when the Central Bank of Nigeria sold Forex to 29 authorized dealers.
Data from FMDQ Exchange shows that the naira closed below the N1,600 mark, which it crossed last week.
Forex traders quoted the naira at a high of N1,631 and a low of N1,551 per dollar, which analysts say is still a sign of volatility.
After recording losses for six straight days, the naira is recovering from its massive loss in the last two weeks.
Foreign exchange turnover declined by 47.45% to $142.32 million, blamed on low activity and a shortage of supplies.
Naira appreciates in black market
The naira also rebounded in the parallel market, trading at N1,610 per dollar, down from the previous day’s record of N1,650 per dollar.
Black market traders quoted the selling rate of the naira as N1,580 and the buying rate as N1,610.
The development hugely contrasts with the previous day’s supply of $279.81 million, representing 62.81%.
CBN adjusts exchange rates for Customs duty clearance
Legit.ng earlier reported that CBN has adjusted the foreign exchange rates for cargo clearance in Nigerian ports.
The development follows the naira's crash to a four-month low in the official window on Tuesday, July 30, 2024.
Data from the Customs trade portal shows that the CBN hiked the Customs exchange rates to N1,610.417 per dollar from N1,601.84.
PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!
Source: Legit.ng
