CBN Announces Highest Customs Exchange Rate To Clear Goods at Ports As Naira Crashes
- The exchange rate for Customs duty used by importers to clear goods at ports has been adjusted again
- The latest change is an increase reflecting the continued depreciation of the naira in both the official and unofficial markets
- Nigeria is an import-dependent country, and the exchange rate increase means the cost of foreign goods will continue to be expensive
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 decided to increase the Nigeria Customs duty exchange rate to clear goods at ports and airports to the highest level ever.
According to data from the federal government trade portal, the new Customs duty exchange rate is now N1,688.067 per dollar.
Source: Getty Images
The update, made on Wednesday, November 13, represents a 4% increase compared to the previous rate of N1,671.78/$ on Tuesday, November 12.
Naira exchange rate
The new Customs duty exchange rate reflects the current performance of the naira in the foreign exchange markets.
Earlier, Legit.ng reported that the Nigerian currency exchange rate fell to a record low against the dollar in the official window on Tuesday, November 12, 2024.
The naira exchanged at N1,689.88 per dollar during the day, marking the lowest rate in its history.
The data from FMDQ shows that willing buyers and willing sellers quoted the dollar at a high of N1,695 and a low of N1,631 per dollar, showing a considerable margin.
How import duty exchange rate is reached?
Adewale Adeniyi, the comptroller general of the NCS, recently explained that NCS does not fix rates.
He said continued changes in the exchange rate align with the CBN's floating foreign exchange rate regime.
His words:
"What we do is just to update our systems. It is not about Customs reducing or increasing the exchange rate. We have nothing to do with whether the exchange rate goes up or come down
“It is not us; we follow what is proscribed to us by the regulatory authority for monetary affairs, which is the Central Bank of Nigeria.”
Expert projects new exchange rates for naira
Legit.ng previously reported that Bismarck Rewane, an economist and the managing director of the financial derivatives company (FDC), predicted that the naira would strengthen further in January 2025 relative to its current rate.
Rewane disclosed this during his monthly Lagos Business Executive Breakfast Session presentation.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
