Good News as CBN Slashes Customs Rate For Cargo Clearance After Crashing Dollar in Official Market
The Central Bank of Nigeria (CBN) has crashed the foreign exchange rates for duty clearance
CBN reduced the Customs rate from N1,588 per dollar to N1,583.527 following the naira’s appreciation
The bank also recently embarked on a massive sale of Forex to authorised dealer banks in Nigeria
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 slashed the foreign exchange rate for duty clearance in Nigerian ports.
According to information from the Customs trade portal, the apex bank reduced the rate from N1,588 per dollar to N1,583.527 as of Friday, August 9, 2024.
Source: Facebook
This development follows the stellar performance of the Nigerian currency, the naira, last year, which sustained gains against the US dollar.
CBN embarks on FX sales via rDAS
The naira gained amid Forex's sale via the Retail Dutch Auction System (rDAS) by the CBN.
The CBN has settled another $815.36 million out of the $1.19 billion foreign exchange demand by end users funded by 26 banks at N1,495 per dollar.
The CBN stated this in a statement containing the summary of its Retail Dutch Auction signed by its director of the Financial Markets Department, Omolara Omotunde Duke.
CBN sells dollar at N1,495 to banks
The statement disclosed that after the collation, the Committee of Governors of the CBN approved a cut-off bid of N1,495.00 per dollar with a total successful bid of $815,362,006.30.
The sale represents 6.95% below the $876 million sold to 26 banks on Wednesday, August 7, 2024.
According to reports, the range of successful bids was between N1,495 and N1,650 per dollar across 26 banks.
Six banks were reportedly disqualified, including four that submitted after the stipulated six-hour submission period, from 9:00 a.m. to 3:00 p.m. Also, two banks did not provide bids using a suitable template.
Data from the FMDQ Exchange shows that the naira appreciated N1,574.20 per dollar in the official market compared to the N1,593 it traded on Friday, August 10, 2024.
Customs Set to begin import duty waiver on food items
Legit.ng earlier reported that the Ministry of Finance is developing a framework to guide the expected massive food imports that will soon begin.
The move is one strategy of the Nigerian government to ease the high cost of living nationwide.
The framework will be ready next week, the Nigeria Customs Service comptroller general, Adewale Adeniyi, said on Tuesday, August 6, 2024.
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Source: Legit.ng
