The foreign exchange rate for the Nigeria Customs Services’ (NCS) cargo clearance in ports and other goods entry points has dropped from N1330/$ to N1260.49/$ over the past few days.
This represents a decline of around N70/$ and in tandem with the closing rate on the official NAFEM window on Thursday, where the naira closed at N1255/$.
The cargo clearance rate, which rose to as high as N1,624.7/$, has witnessed consistent decline in the last two weeks as the naira continues to gain momentum in the foreign exchange market.
Comptroller General of the NCS, Kayode Adeniyi, recently revealed that the cargo clearance rate had been reviewed at least 28 times in the first quarter of 2024.
He said the frequent changes had impacted trade in the country, pointing out that imports reduced by at least 5 per cent in the first quarter of the year.
