The Central Bank of Nigeria (CBN) has announced its review of the foreign exchange rate for customs duty following the dollar crash against the naira.
According to the report shared by Customs, the CBN adjusted the FX rate from N1,250 to N1,330 as the dollar rate is currently being traded at 1,278/$ in the official market.
The recent adjustment by the CBN reflects the current rate at which the naira trades with the US dollar
Reports say the CBN increased the import duties from N1,303.85 per dollar to the current figure, indicating a rise of N26.52 as of March 31, 2024. The Nigerian currency has been on an upward swing against the dollar since mid-March 2024, appreciating by over 21%. Currency dealers under the aegis of the Association of Bureaux de Change Operators of Nigeria (ABCON) said their inclusion in the Forex market aided the naira’s recovery against the US dollar.
