Customs FX Rate For Import Duties Decreases To N1238/$

Customs FX Rate For Import Duties Decreases To N1238/$

The Nigeria Customs Service (NCS) has announced a revision in the foreign exchange (FX) rate applicable to customs duties, aligning with the Central Bank of Nigeria’s (CBN) ongoing efforts to stabilize the naira. The new rate, set at N1,238.17 per dollar, reflects a 6.8% reduction from the previous rate of N1,246.66 per dollar as of April 8……READ ALSO Nigeria Customs Raises Concerns Over CBN’s 28-Time Hike In Duty Rates Within Three Months

This adjustment, implemented yesterday, positions the customs FX rate below the official rate that closed at N1,248.5 per dollar on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The decrease in the FX rate for customs tariffs is part of a broader strategy to enhance the financial landscape, especially in light of the CBN’s proactive measures to strengthen the national currency.

On Monday, the CBN announced a new policy in its forex sale to Bureau de Change (BDC) operators, setting the rate at N1,101 per dollar. This move represents a significant shift from the N1,251 per dollar rate established on March 25, indicating the apex bank’s determination to control currency fluctuation and bolster the naira’s value.

Furthering its commitment to economic stabilization, the CBN has mandated all banking institutions to cease accepting foreign currency-denominated collaterals for naira loans. This directive underscores the central bank’s broader agenda to reduce the economy’s dependency on foreign currencies and mitigate the risks associated with currency volatility

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