The exchange rate for duty collections by the Nigerian Customs Service (NCS) has dropped from N1,500/$ to N1,481.
This indicates a decline of N19 and follows the appreciation of the naira on the official market.
The foreign exchange (FX) rate for customs duty collections is, however, still above the official exchange rate on the NAFEM window.
On Monday, the naira appreciated to N1,468.99 to the USD on the official NAFEM window, representing a 1.93% appreciation when compared with the closing rate of the Naira to the USD as of last Friday (May 17) where the Naira stood at N1,497/$.
