Again, CBN Adjusts Customs Exchange Rate To Clear Goods, Importers To Pay More
- The CBN has once again decided to increase the exchange rate to clear goods for importers at national ports
- The latest exchange rate is N4 higher compared to the previous rate expected to be paid by importers
- The CBN uses the naira performance in the NAFEM window to determine the Customs exchange rate
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 increased the customs exchange rate used by importers clearing goods at the ports.
According to data from Nigeria's trade portal, importers will now pay N1,663.3 per dollar from Monday, December 2, 2024.
Source: Getty Images
The latest rate represents a N4 or 0.25% increase compared to the N1,663.39/$ exchange rate quoted previously.
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Customs duty or import duty refers to the taxes and levies paid on goods imported into the country.
The duties are paid through a commercial bank to the Nigeria Customs Service, which receives on behalf of the federal government.
Why Customs exchange rate changes
The decision to change the Customs rate reflects the naira's performance against the US dollar.
Earlier, Legit.ng reported that the Nigerian naira ended November 2024 at a low against the US dollar (N1,672.69/$1) in the official foreign exchange market.
This is according to the FMDQ Securities Exchange, looking at data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The exchange rate on the last trading day of the month - November 29, 2024 - represents a depreciation of 1.7% or N27.83 compared to N1,644.86/$1 as of Thursday, November 26, 2024, and comes amid a decline in forex transactions from banks and authorised dealers.
Lagos Chamber predicts new exchange rate
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 Nkem Ikeke, journalist and copy editor at Legit.ng.
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Source: Legit.ng
