The continued strengthening of the naira in the both the official and parallel markets has brought some measures of reprieve for Nigerian importers as The Central Bank of Nigeria (CBN) has again slashed the exchange rate for computing Customs duties at the nation’s seaports from N1, 448.386/$ to N1, 405.466/$ on Tuesday.
This is according to information from the official trade portal of the Nigeria Customs Service (NCS).
This indicates a reduction of 3 per cent when compared to the old rate of N1,448.386/$ used for opening of Form M as of Monday, March 26, and a decrease of N42.92 on a dollar needed to clear goods from the port.
As of March 25, foreign exchange rate closed at N1,408.04/$ at the NAFEM, signifying naira appreciation at the official foreign exchange markets as the apex bank supplies dollars at N1,251 to the Bureau De Change (BDC) operators.
This is in line with the apex bank’s new directive to the Customs to use the rate on the date of submitting Form M for calculating import duties.
