The Central Bank of Nigeria has adjusted the exchange rate by 7.1 percent or N88 from its last rate of N1,238/$1.
The reduction of the Customs exchange rate is in response to the appreciation of the naira against the United States dollar in the official and parallel markets.
The CBN had earlier stated in response to complaints over the frequent changes in the Customs’ FX rate that the exchange rate on the data of the Form M application will be used in calculating the duties collection.
The Nigeria Customs Service in collaboration with the CBN, regularly adjusts the exchange rate to align with the official market rate on the NAFEM window, resulting in frequent changes in the rate.
However, clearing agents have called on the CBN to ensure that the exchange rate for cargo clearance is reduced to N600/$1, to boost port activities.
They argued that activities are yet to pick up at the port despite the depreciation of the United States dollar and appreciation of the naira in the last few months.