CBN Sets New Rate for Clearing Goods through Customs as Dollar Falls by 12% Against Naira

CBN Sets New Dollar Exchange Rate 

The Central Bank of Nigeria has set new exchange rates for the Nigerian Customary Service

 The CBN has made the decision to lower the naira to dollar exchange rate used to determine customs duties in Nigeria. Businesses and importers will be greatly relieved that Customs has already started implementing the new tariffs. The good news is that throughout the week, the naira's value increased in both official and unofficial markets.

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Port operations at the country's ports. Taxes and levies paid on items imported into the nation are known as customs duties. The Nigeria Customs Service, which collects the payments on behalf of the Federal Government, receives them through a commercial bank. Alters the new exchange rate for customs Importers would pay N1,448.386 for each dollar of import duty as of Saturday, March 23, 2024, according to data from the federal government trade portal.

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The new rate represents a 7.89% reduction from the previous rate of N1,572.507 per dollar. The decision to slash the customs rate comes as the value of the Nigerian currency improved against the US dollar. The naira during the week (Monday, 18th to Friday, 23rd, 2024) recorded impressive performances to end the week with a 12% gain. The exchange rate closed at N1,431/$1 on Friday, March 22, 204, at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market. BusinessDay reports that on Thursday, March 21, some traders quoted N1,251/$, the lowest rate in 2024 .

UK firms predict exciting exchange rate Earlier, mfoncelebritypress reported that two UK-based financial institutions have predicted a new exchange rate for the naira against the dollar. Goldman Sachs and Standard Chartered believe the naira will rebound and close stronger in 2024. Their predictions are based on the current reforms by the Cardoso-led CBN, which has helped the naira achieve an N1572.86/$ rate on Monday from above N1,600.