The foreign exchange rate for computing import duties by the Nigeria Customs Service has recorded a further decline following the appreciation and stability of the Naira at the official FX market.
The exchange rate was further slashed by the Central Bank of Nigeria (CBN) by 1.2 percent on Monday, March 18 compared to the old rate.
The Customs FX duty rate was reviewed downward from N1, 612.281/$1 to N1, 593.41/$1, according to information obtained from the official trade portal of Nigeria Customs.
This represents a 1.2 percent reduction compared to the old rate of N1, 612.281/$1 used as of Friday, March 15, and a decrease of N18.871 on a dollar needed to clear goods from the port.
Data from the FMDQ’s Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) shows the naira exchange rate against the dollar opened at N1,602.43/$1 and closed at N1,602.75/$1 on March 15.
The FX market ended last week on a positive note as the Naira appreciated against the dollar across official and parallel markets.
