The exchange rate for customs import duties and cargo clearance payment has risen from N1,303.85/$ to N1,330.36/$, making it higher than the official foreign exchange market rate of the Naira and the dollar.
On Tuesday, the Naira closed at N1,278/$ on the official market. On the parallel market, it closed at N1,250/$1.
The exchange rate for customs import duties assessment had been on the increase, reaching a high of N1,612.28 by mid March. It, however, recorded a decline to N1,303.85/$ as at March 31st, indicating an increase of N26.52 to the current figure.
The Naira began appreciating against the U.S. dollar from around the middle of March, reducing the foreign exchange (FX) rate used for assessing customs import duties.
Throughout March, the naira experienced a significant appreciation, gaining approximately 21.8 per cent, a development that has been attributed to the
reforms by the central bank.
