For the umpteenth time in 2024, The Nigeria Customs Service (NCS) has adjusted the foreign exchange (FX) rate for import duties to ₦1,238.17 per dollar.
The new rate falls below the official foreign exchange rate, which closed at ₦1,248.5/$ on April 9 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The drop in the FX rate for customs tariffs and duties is a result of the efforts of the Central Bank of Nigeria (CBN) to stabilise the naira.
On April 8, the apex bank announced the sales of forex to the bureau de change (BDC) operators at the rate of ₦1,101/$.
CBN reduced its rate for dollar allocation to BDCs from ₦1,251/$ announced on March 25.
Earlier in the week, to further strengthen the naira, the apex bank also directed all banks to stop the use of foreign currency-denominated collaterals for naira loans.
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