The Central Bank of Nigeria (CBN) has decided to increase the Nigeria Customs duty exchange rate to clear goods at ports and airports to the highest level ever.
According to data from the federal government trade portal, the new Customs duty exchange rate is now N1,688.067 per dollar. The update, made on Wednesday, November 13, represents a 4% increase compared to the previous rate of N1,671.78/$ on Tuesday, November 12.
The new Customs duty exchange rate reflects the current performance of the naira in the foreign exchange markets.
Earlier, Legit.ng reported that the Nigerian currency exchange rate fell to a record low against the dollar in the official window on Tuesday, November 12, 2024.
The naira exchanged at N1,689.88 per dollar during the day, marking the lowest rate in its history.
The data from FMDQ shows that willing buyers and willing sellers quoted the dollar at a high of N1,695 and a low of N1,631 per dollar, showing a considerable margin....Read Full Article [Click Here>]
Adewale Adeniyi, the comptroller general of the NCS, recently explained that NCS does not fix rates.
He said continued changes in the exchange rate align with the CBN’s floating foreign exchange rate regime.
His words:
“What we do is just to update our systems. It is not about Customs reducing or increasing the exchange rate. We have nothing to do with whether the exchange rate goes up or come down
“It is not us; we follow what is proscribed to us by the regulatory authority for monetary affairs, which is the Central Bank of Nigeria.”
