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CBN Reduces Customs Exchange Rate To Clear Goods As Naira Appreciates Against US Dollar
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CBN Reduces Customs Exchange Rate To Clear Goods As Naira Appreciates Against US Dollar

by  Dave Ibemere 2 min read
  • The CBN has reduced the exchange rate used for Customs duty by importers to clear goods at ports
  • The new rate reflects the slight appreciation of the naira in both the official exchange rate markets
  • The new exchange rate will be applied by importers starting Wednesday when completing Form M for their goods

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The Central Bank of Nigeria (CBN) has again decided to increase the Nigeria Customs duty exchange rate to clear goods at ports and airports.

According to data from the federal government trade portal, the new Customs duty exchange rate is now N1,687.73 per dollar as of Wednesday, November 27, 2024.

New customs exchange rate
CBN adjusts Customs exchange rate Photo credit: NCS
Source: Getty Images

The new exchange rate represents a 0.3% increase compared to the previous rate of N1,688.28 per dollar as of Thursday, November 21, 2024.

Naira exchange rate

The new Customs duty exchange rate provided a snapshot of the performance of the naira in the foreign exchange markets.

Read also

Naira bounces back in the official window as dollar supply rises

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Earlier, Legit.ng reported that the naira’s value improved by 0.97% in the official window on Tuesday, November 26, 2024, after CBN extended the deadline for Bureaux De Change Operators to recapitalise.

On Tuesday, November 26, 2024, the naira traded at N1,659.44 per dollar from N1,675.62 on Monday, November 25, 2024.

Data from the FMDQ Exchange indicates that traders in the forex market staked $425.95 million as turnover, leading to improved supply in the official window.

Willing buyers and willing sellers quoted the US dollar at a high of N1,705 and a low of N1,650 per dollar.

Meanwhile, the naira depreciated in the parallel segment of the foreign exchange market, trading at N1,775, down from N1,750 it traded on Monday, November 25, 2024.

Naira finally recovered against the dollar as new rates emerged

Legit.ng earlier reported that the Nigerian naira bounced back on Thursday, November 21, 2024, after days of depreciation in the official and parallel windows.

Read also

Naira crashes against US dollar in foreign exchange markets

The naira gained 1.71% to close at N1,658.67 per dollar from N1,678.92 recorded on Wednesday, November 20, 2024.

The naira’s recovery comes after several days of depreciation, in which it hit its lowest value against the dollar at N1,689 per dollar on Monday, November 18, 2024.

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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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