Exchange rate for customs duty hits N1,480/$ amid forex volatility

The exchange rate for customs duty collection has risen from N1467/$ to N1,480 just below the official market rate of the NAFEM window which stood at N1,482.81 to the USD.

The naira had crossed the N1500/$ mark about two weeks ago before gradually settling at its current figure.

Last week, the Naira showed a remarkable recovery, gaining marginal ground against the US dollar.

The Naira started the week then at 1468.99/$1 and reached a weekly low of N1,485/$ before settling at N1,481/$ on Friday.

On the other hand, average daily forex turnover ranged from $123 million and $261 million in the week.

Additionally, during the week, the CBN offered a total of N508.98 billion during the Nigerian treasury bill (NTB) auction held on May 22, 2024.

The subscription levels significantly surpassed the initial offer, highlighting the continued appetite for fixed-income securities amidst a volatile economic landscape.

Despite the oversubscription reaching N1.5 trillion, only about N638.98 billion was allotted to treasury bill investors.