The exchange rate for customs duties collection has dropped from N1516/$ to N1512/$ as of July 7th.
This represents a decline of N4 when compared to the previous rate and also reflects the decline in rates between July 4th and 5th when the official market rate dropped from N1520/$ to N1509/$.
The hike in the FX rate for Customs duties payment has been attributed to the continue fall in the value of the naira at both the official and parallel markets
In June, the FX market and the customs exchange rate showed some stability, with the exchange rate fluctuating between N1,473 and N1,510, and closing at N1,505.30/$1, indicating a 1.3 per cent depreciation for the month.
