Again, CBN Crashes Dollar For Customs Duty Rate as Naira Appreciates For Three Consecutive Days
- The Central Bank of Nigeria (CBN) has crashed dollars for Customs duty clearance in less than 24 hours
- The CBN reduced the rate from N1,588 to N1,533.26 per dollar as of Saturday, December 7, 2024.
- The development comes as the naira has been accelerating against the US dollar in the past days in the new Nigeria Foreign Exchange Market (NFEM)
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 the exchange rate for customs duty in Nigeria’s ports following the accelerated recovery of the Nigerian currency.
The naira has been on an upward swing against the US dollar since last week as the CBN launched the new foreign exchange trading platform.
Source: Facebook
CBN crashes dollar for importers by N55
Data from the Nigeria Customs Service trade portal shows that the apex bank adjusted the exchange rate for cargo clearance from N1,588.29 to N1,533 per dollar, representing a reduction margin of N55.
The development means importers will pay N55 less from Friday to apparent goods from Nigerian ports.
The move follows the excellent performance of the Nigerian currency in the newly launched Nigerian Foreign Exchange Market (NFEM) by the CBN.
Information from NFEM shows that the naira appreciated N1,533 per dollar from N1,567 per dollar as of Thursday, December 5, 2024.
The naira rises in official and black markets
The naira also appreciated in the parallel segment of the foreign exchange market from N1,725 to N1,570 as sellers struggled to sell foreign currencies.
Findings show that the CBN's recently launched platform boosted market performance by allowing market transparency.
Experts predict new rates for the naira
Experts have lauded the CBN’s initiative, saying the naira is now finding its value via the new platform.
Senior banker and economist Janet Ogochukwu disclosed that the new platform enabled the naira to perform well against major currencies, defying the dire predictions against it.
“I think the new system has been seen as transformative in shaping the true value of the naira. Now, we are seeing the true rates in which the local currency can trade,” she said.
According to her, the move has defied naysayers who predicted the worst for the naira. She said that if the move is sustained, the naira could revert to N1,300 by January 2025.
Dollar supply in the official market surges
Legit.ng earlier reported that dollar supply in the foreign exchange market rose by 61.9% yearly in the past 11 months from $26.6 billion.
Recent data on quarterly transactions in the FX market indicates that dolly supply stood at $12.64 billion in the first nine months of 2024, compared to $10.24 billion in the year's second quarter.
The decline continued in the third quarter when turnover dropped by 0.87% to $10.15
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Source: Legit.ng
