CBN Slashes Customs Rate By 5.3% amid Continued Naira Appreciation at Forex Market

The Nigerian Customs Service (NCS) has reviewed its foreign exchange (FX) rate for customs duties collection by 5.3 per cent to N1,544.081 per US dollar amid the continued Naira appreciation at the foreign exchange market.

According to a report, the rate dropped to N1,544.81 per US dollar from N1,605 per USD in February.

At the close of work on Monday, FMDQ data showed that the Naira further appreciated to N1,534.19 per USD from N1,548.25.

Recall the country’s customs exchange rate fixed by the Central Bank of Nigeria saw a sixth increase on February 21.

However, the Centre for the Promotion of Private Enterprise, CPPE, in a statement by its Director, Muda Yusuf, had said that the Nigerian Federal Government should peg the exchange rate for import duty at N1,000 per US dollar to tackle soaring inflation, which stood at 29.90 per cent in January 2024.

Meanwhile, the CBN had issued guidelines to the Nigeria Customs Service to adopt a foreign exchange closing rate on the date of the ‘Form M’ submission by importers for the clearance of goods and import duty assessment.

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