N1,000/$: CBN to Adjust Customs Exchange Rate as Naira Crashes to 6-Month Low In Official Market

• Since the start of September 2024, the customs exchange rate to clear goods at the nation's ports and airports has remained unchanged
• Changes are now expected as the naira's free fall continues, hitting its lowest level in months on Wednesday
• Experts, including Muda Yusuf, have consistently requested that the CBN peg the customs 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) is expected to adjust the exchange rate paid by importers to the Nigerian Customs Services during goods clearance as the naira plunges to its lowest level in the last six months.

Data from the federal government trade portal show that importers looking to clear goods at ports and airports pay N1,564.929 per dollar for customs duty.

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The customs duty rate has remained unchanged since Saturday, August 24, 2024.

The CBN utilises the official forex closing rate at the Nigerian Autonomous Foreign Exchange Market(NAFEM) as the date for the ‘Form M’ submission by importers for the clearance of goods and import duty assessment.

Customs rate to change

The customs exchange rate change is now expected as the naira continues its free fall against the US dollar in both the official and black markets.

On Wednesday, August 4, 2024, the exchange rate between the naira and the dollar fell to a six-month low of N1,625.88/$1 on the official NAFEM market.

According to FMDQ data, the naira’s depreciation on September 4 marked a 0.89% decline from the previous day’s rate of N1,611.34/$1.

The last time the naira traded above N1,625 per dollar in the official market was in March 2024.

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Muda Yusuf wants N1,000/$ exchange rate

Earlier Legit.ng reported that Muda Yusuff, the Centre for the Promotion of Private Enterprise(CPP CEOE), urged the CBN to change its Customs import duty rate policy to clear goods at ports.

Yusuf, the CEO of CPPE, said that the CBN must review its policy and peg the exchange rate at N1,000/$.

He opined that a significant policy adjustment was necessary to complement current measures to address the country's ongoing cost-of-living crisis.

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

Source: Legit.ng