Relief ensues as the Central Bank of Nigeria (CBN) lowers the customs duty rate for the fifth consecutive time within a span of two weeks.
The Central Bank of Nigeria (CBN) has reduced customs import duties and cargo clearance rates for the fifth time in less than two weeks.
The Customs FX duty rate has been revised downward from N1,612 per dollar on March 15th to N1,405.46.
Notably, the Nigerian Customs Service (NCS) had earlier stated that the exchange rate for duty collection and cargo clearance would be determined by the CBN, based on the official market rate.
Here are the changes observed over the past weeks:
- March 15, 2024: N1,612/$
- March 16, 2024: N1,593/$
- March 19, 2024: N1,572/$
- March 23, 2024: N1,448/$
- March 27, 2024: N1,405/$
The recent improvements in the Nigerian Naira (NGN) can be attributed to strategic measures and reforms implemented by the central bank aimed at curbing inflation and stabilizing the foreign exchange (FX) market.
Over the past two weeks, the naira has strengthened from N1,615 per dollar on March 13th to N1,382 per dollar by March 26th.
Last week, the CBN announced the successful settlement of over $4 billion in backlog foreign exchange forwards, benefiting both local and international businesses. #naijaeyesblog
Furthermore, the CBN has introduced restrictions on International Oil Companies (IOCs), limiting their immediate transfer of foreign exchange earnings to 50% and requiring a 90-day wait for the remaining 50%.
In addition, commercial banks are now barred from allocating foreign exchange sales profits towards operational costs and dividend payments. Recently, the CBN initiated dollar sales to Bureau de Change operators at a rate of N1,251 per dollar. #naijaeyesblog
Share News with us via WhatsApp: 08163658925 or Email: naijaeyes1@gmail.com
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
