JUST IN: CBN Slashes Custom Dollar Exchange Rate To Clear Goods at Ports by Over N100 As Naira Gains

CBN Slashes Custom Dollar Exchange Rate To Clear Goods at Ports by Over N100 As Naira Gains

CBN Slashes Custom To Clear Goods at Ports by Over N100 As Gains

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The CBN has decided to slash the naira-to-dollar exchange rate for calculating customs dutyThe Nigeria Customs Service has announced the new rates, which will come as a big relief to businesses and importers The good news comes as the value of the naira appreciated in the official and unofficial markets during the week

Henzodaily.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 (CBN) has slashed the Nigeria Customs Service exchange rate to calculate import duties at the nation's ports.

Customs duties are taxes and levies paid on goods imported into the country.

The duties are paid through a commercial to the Nigeria Customs Service, which receives on behalf of the Federal .

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New exchange rate emerges as naira gains against dollar at N1,453.82 in official market

Customs exchnage rate to clear goodsNigerian Customs announces new CBN official rate to clear goods
Photo credit: CBN
Source:

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Customs new exchange rate

Data from the federal government trading portal showed that as of Saturday, March 23, 2024, importers will be charged N1,448.386 per dollar for import duty.

The new rate represents a 7.89% reduction from the previous rate of N1,572.507 per dollar.

The decision to slash the customs rate comes as the value of the Nigerian currency improved against the US dollar.

The naira during the week (Monday, 18th to Friday, 23rd, 2024) recorded impressive performances to end the week with a 12% gain.

The exchange rate closed at N1,431/$1 on Friday, March 22, 204, at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market.

Read also

exchange rate nears N1,300/$ as CBN clears

BusinessDay reports that on Thursday, March 21, some traders quoted N1,251/$, the lowest rate in 2024

UK firms predict exciting exchange rate

Earlier, Henzodaily.ng reported that two UK-based financial institutions have predicted a new exchange rate for the naira against the dollar.

Goldman Sachs and Standard Chartered believe the naira will rebound and close stronger in 2024.

Their predictions are based on the current reforms by the Cardoso-led CBN, which has helped the naira achieve an N1572.86/$ rate on Monday from above N1,600.

Source: Henzodaily.ng

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