CBN Slashes Customs Duty Dollar Exchange Rate to Clear Goods at Ports

• The CBN has once again changed the customs duty rates for importers clearing goods at the nation's ports and airports
• New data shows that businesses and importers who have struggled to clear their goods will now pay less
• There is a strong call for the federal government and the Central Bank of Nigeria to peg the exchange rate at N1,000 per dollar

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has announced a new customs duty rate for importers clearing goods at the ports.

According to data from Nigeria's trade portal, importers looking to clear goods will pay N1,569.53 per dollar as of Wednesday, August 22, 2024.

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This is a 0.35% increase compared to the N1,575.19 exchange rate quoted on Tuesday, August 20, 2024.

Why did CBN slash Customs duty?

The decision to slash the customs rate follows the recent improvement of the naira against the US dollar.

Data from FMDQ Securities showed that the naira strengthened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official market, to N1,586.11 per dollar on Thursday, up from the previous exchange rate of N1,592.38 per dollar.

Expert seeks N1.000/$ fixed exchange rate

Meanwhile, Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise(CPPE), has urged the Central Bank of Nigeria (CBN) to change its policy on the Customs import duty rate to clear goods at ports.

Yusuf noted that it is important that the CBN review its policy and peg the exchange rate at N1,000/$ for the next six months to mitigate the adverse effects of exchange rate fluctuations on cargo clearance and trade costs.

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CBN hopes for new naira-to-dollar exchange rate

Earlier, Legit.ng reported that the CBN asked Nigerians if they were optimistic that the value of the Nigerian currency would improve in the coming months.

The apex bank said increasing domestic crude oil production and exports would enhance the naira's value.

The CBN recently conducted another round of forex sales and reiterated its determination to tackle depreciation of the naira.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng