CBN Slashes Customs Exchange Rate To Clear Goods at Ports

• The CBN has adjusted the customs exchange rate used by importers to clear goods at the nation's ports and airports
• The latest data obtained from the government website showed businesses and importers who have struggled to clear their goods will now pay less from Monday
• The exchange rate is still a far cry from the N1,000/$ proposed by experts for the inflation rate to come down

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 slashed customs exchange rates for importers clearing goods at the ports.

According to data from Nigeria's trade portal, importers looking to clear goods will pay N1,655.38 per dollar from Monday, November 11, 2024.

The latest rate represents a 1.51% increase compared to the N1,680.90/$ exchange rate quoted on Tuesday, August 20, 2024.

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Expert projects new exchange rates for naira as CBN slashes Customs duty

Why did CBN slash Customs duty?

The decision to slash the customs rate contrasts the naira's performance against the US dollar.

Earlier, Legit.ng reported that the naira depreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM) and that the Nigerian currency closed at N1,678.87 per dollar on Friday, November 8, 2024.

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.

According to a ThisDay report, Yusuf noted that the CBN should 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.

Lagos Chamber predicts new exchange rate

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Nigeria’s FX reserves hit $40 billion as naira tumbles in official, Black Markets

Earlier, Legit.ng reported that the Lagos Chamber of Commerce and Industry (LCCI) predicted that the value of the Nigerian currency would improve against the US dollar.

Gabriel Idahosa, the President of LCCI, gave the prediction when he addressed journalists about the state of the economy in Lagos.

The chamber's president believes this rate is achievable if the CBN reviews the current free-floating exchange rate.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng