Customs, Official Market FX Rate At Par After CBN Slash

Price of goods in the local market is expected to go down drastically as the Central Bank of Nigeria (CBN), on Saturday, put the Customs and official market exchange rate at par.
The reduction now put Customs exchange rate for computing import duty and the official market rate at N1,251/$1.
BUSINESSINSIDERNG reports that the Nigerian Autonomous Foreign Exchange Market (NAFEM), the nation’s official window, the naira closes at N1,251/$1, on Friday.
The reduction is coming after importers and clearing agents operating at the nation’s seaports complained that Customs exchange rate rises higher than official foreign exchange market rate of the naira and the United States Dollar.
It was further gathered that Customs exchange rate on the Nigerian trade hub portal revealed that the exchange rate for cargo clearance has reduced from N1,260.49 to N1,251/$1
To this end, importers that opened Form M, on Wednesday, will pay less to clear their cargoes as import duties are benchmarked against the dollar.
Also, importers will open Form M at a lower rate compared to those who opened Form M on Friday, 5th April, 2024 according to the apex bank’s new directive to Customs to use the rate on the date of submitting Form M for calculating import duties.

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