The Central Bank of Nigeria (CBN) has increased the foreign exchange rate for clearance of goods at different import points to N1612.28/$.
This is an increase of N18.44 from N1593.84/$ that it was.
Information on the exchange rate portal of the Nigeria Customs Service (NCS) shows that the new exchange rate figure was introduced on March 11 and mirrors the prevailing market rate on that day, which was N1617.96.
The Comptroller General of NCS had previously stated that following the floating of the naira, the NCS will regularly change the FX rate for clearance of goods in accordance with the figures from the CBN official market rate.
There were, however, complaints from businesses over the regular changes in the customs FX rate and the challenges while filling the Form M for importation of goods, following which a new policy was introduced, stating that the FX rate on the date of Form M would be used for clearance of goods.
The CBN had said the move will quell the confusion around different exchange rate and aid planning on the part of both the Nigeria Customs and the business community.
The foreign exchange rate for the clearance of goods has grown from N757/$ that it was in November 2023 to its present rate.
