Good News as CBN Slashes Customs Exchange Rate for Cargo Clearance as Dollar Crashes against Naira

• The Central Bank of Nigeria (CBN) has slashed the Customs exchange rates for cargo clearance at Nigerian ports
• The development comes as the naira bounced back against the dollar before at N1,603.38 per dollar
• Customs exchange rates are benchmarked against the dollar and are subject to high volatility due to fluctuating rates

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Central Bank of Nigeria (CBN), on Wednesday, March 13, 2024, reduced the exchange rate for calculating Customs duties at Nigerian ports by 0.76%.

The reduction comes amid the naira’s strengthening against the dollar at the official window on Tuesday, March 12, 2024.

The naira strengthens against the dollar

The Nigerian currency increased by 0.90% against the dollar as the FX supply rose at the official foreign exchange market.

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CBN announces new changes to custom FX duty as naira advances towards new prediction

The naira was quoted at N1,603.38 per dollar at the official window on Tuesday, March 12, 2024, better than its trading rate the day before.

Data from NAFEM shows that the naira appreciated at N1,603.38 per dollar.

Importers pay less to clear goods

According to reports, due to the naira’s appreciation, CBN reviewed the Customs duty rate downwards from N1,624 per dollar to N1,612, per information on the Customs trading portal.

The 0.76% slash comes a few hours after the apex bank announced an upward review of the rates.

This means traders and clearing agents will pay N12.419 less than a dollar to have their goods removed from the nation’s ports.

Leadership reports that importers who opened Form M will pay less to clear cargoes as import duties are set on the dollar.

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Naira gains against the dollar for 2 straight days in official market despite UK agency’s prediction

Prices of imported vehicles change as Customs adjusts exchange rates

Legit.ng earlier reported that importers of used cars across Nigeria had adjusted their prices following the volatile exchange rates in the country and the incessant adjustments of FX for cargo clearance by the Nigeria Customs Service (NCS).

Since February 2024, the NCS adjusted exchange rates more than six times, with some happening within 24 hours.

Importers said the adjustments caused fluctuations in the prices of imported vehicles and made imports uncertain as they were unsure of the next move by the Customs.

Source: Legit.ng