The Central Bank of Nigeria (CBN), has reduced the exchange rate for tariff and import duties collection at the nation’s seaports and airports by the Nigeria Customs Service (NCS), by 8.8%.
It was gathered that the exchange rate dropped from N1,277.52/$1 to N1,164.84/$, according to the latest update on the Nigeria Trade Hub.
The current Customs exchange rate has dropped below official and parallel market rates.
The current Customs exchange rate of N1,164.8/$ is below the reported rates on both official and parallel markets.
It was gathered that on Friday, April 26, 2024, the Nigerian Autonomous Foreign Exchange Market (NAFEM), closed at N1339.23 while on Saturday, the naira closed at N1,280 to the dollar on the unofficial window- representing a gain of 8.7 per cent compared to the figure for Friday which was N1400.
However, speaking to LEADERSHIP, a clearing agent operating at Tin-Can Island port, Akinola Oluwaseun, urged the CBN to sustain the foreign exchange markets again,…
Source: Leadership Newspaper
