Victor Ezeja
The Customs exchange rate for calculating import duty at Nigeria’s ports has further dropped by 5.3 per cent in the last one week.
According to data obtained from the official trade portal of the Nigerian Customs Service on Wednesday, 3 April 2024, the rate for cargo clearance dropped to N1330.26/$1 against N1,405/$1 it was last week. This reflects N74.74 or 5.3 per cent decrease.
Join our WhatsApp ChannelThis means importers clearing cargoes at the ports would have to pay less than those who paid earlier last week.
The drop in the Customs duty exchange rate can be attributed to the continuous appreciation of the naira both at the official and parallel exchange windows in the foreign exchange market in the last one month.
READ ALSO: CBN Raises Customs Duty Rates By 59.1% In 2 Months Amid Naira Depreciation
The naira further appreciated by 2.35 per cent to N1,278/$1 on Tuesday against last Thursday’s closing rate of N1,309/$1 at the official market. This is according to the Nigeria Autonomous Foreign Exchange Market (NAFEM) data published on the FMDQ Securities and Exchange platform.
The Central Bank of Nigeria (CBN) had in February, directed that the rate for clearance of cargoes be pegged on the latest official exchange rate at the point of submitting Form M by importers.
The drop means that importers will open Form M at a lower rate compared to those who opened Form M earlier last week.
The CBN has within the last three months been coming up with policies aimed at boosting liquidity in the foreign exchange market. Analysts have also predicted that the naira will continue to appreciate at least in the month of April, riding on the back of CBN’s commitment to its policies aimed at attracting more capital and ensuring stability in the foreign exchange market.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
