The exchange rate used for calculating customs import duties and cargo clearance has decreased for the fifth time in under two weeks, moving from N1,612 per dollar on March 15th to N1,405.46 per dollar currently.
Previously, the Nigerian Customs Service (NCS) had declared that the exchange rate for duty collection and cargo clearance would be determined by the Central Bank of Nigeria (CBN), based on the official market rate.
It would be recalled that the rate was first reduced on the 15th of March 2024 to N1,612/$, then on the 16th of March 2024 it came down N1,593/$ and March 19th it dropped further to N1,572/$ while on March 23rd it declined to N1,448/$ and then this latest reduction.
Recent observations indicate a steady depreciation in value, evidencing the naira’s strengthening against other currencies in both the parallel and official foreign exchange markets.
Over the last two weeks, there has been a notable improvement in the naira’s value, climbing from N1,615 per dollar on March 13th to N1,382 per dollar by March 26th.
The Nigerian Naira (NGN) has seen improvements recently, which are largely due to the strategic measures and reforms implemented by the central bank aimed at curbing inflation and stabilizing the foreign exchange (FX) market.
Last week, the Central Bank of Nigeria (CBN) disclosed its success in settling an over $4 billion backlog in foreign exchange forwards, benefiting businesses both within and internationally.
