CBN Adjusts Customs FX Rate For Cargo Clearance as Dollar Crashes

CBN Adjusts Customs FX Rate For Cargo Clearance as Dollar Crashes

  • The Central Bank of Nigeria (CBN) has adjusted the Nigeria Customs Service FX rate for cargo clearance
  • The new rate was displayed on the federal government’s single window trade portal on Friday, May 17, 2024
  • The development comes as the Nigerian currency, the naira, recovered against the US dollar after several days of depreciation

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) has adjusted the foreign exchange rate for import duties to N1,530 per dollar

The increase represents a 6.13% increase compared to the N1,441.58 adopted on May 6, 2024.

CBN adjusts FX rates for cargo clearance
The Central Bank of Nigeria (CBN) adjusts Forex rate for cargo clearance by Customs Credit: Nigeria Customs
Source: Facebook

CBN recommends a new FX rate for cargo clearance

The adjustment was observed on the Nigerian government’s single window trade portal on Friday, May 17, 2024.

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Dollar crashes as naira gains almost N100 in official and parallel markets

The Nigerian Customs Service (NCS) adopts FX rates recommended by the CBN for import duties based on the trading activities in the official foreign exchange market.

Reports say the new rate is lower than the official FX rate of N1,533 per dollar recorded on Thursday, May 16, 2024.

Another adjustment is expected as the Nigerian currency appreciated to N1,478 per dollar on Friday, May 17, 2024.

After several days of losses, the naira recovered against the US dollar for the second time in a week.

Naira appreciates after several days

The Nigerian currency has been battered for more than 14 days after emerging as the World’s best-performing currency in April on the heels of CBN policies.

On Friday, May 17, 2024, the naira broke vital resistance against the US dollar to trade at N1,1497.33 per dollar in the official market as against the N1,533.99 recorded on Thursday, May 16, 2024.

Read also

Traders sell dollar at new rates in official and parallel markets as naira hits lowest in May

The Nigerian currency experienced a breather despite a decline in Forex turnover in the Nigerian Foreign Exchange Market (NAFEM).

The naira appreciates in the parallel market

Also, in the parallel markets, the naira appreciated by N90 against the US dollar to trade at N1,480 per dollar, up from the N1,540 recorded the previous day.

CBN moves to boost naira recovery

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has approved in principle 14 additional new international money transfer operators (IMTOs).

IMTOs carry out cross-border fund transfer services for individuals and entities residing abroad to beneficiaries in Nigeria.

Approval in principle is a conditional acceptance of a proposal subject to meeting other requirements for final authorization.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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