The Central Bank of Nigeria (CBN) has reduced the exchange rate for Customs duty clearance againThe new exchange rate reflects the performance of the Nigerian currency in the forex exchange market.The customs exchange rate is set by CBN using the closing rate of the dollar in the Nigeria Foreign Exchange Market (NFEM)
The Central Bank of Nigeria (CBN) has slightly adjusted the exchange rate for customs duty for clearing goods at the ports as naira improved against the US dollar.
New data from the trade portal showed that the customs exchange rate was reduced to N1532.7/$ as of Saturday, December 14, 2024.
New customs exchange rate
Photo credit: ncs
Source: Getty Images
The new exchange rate is a slight reduction compared to the previous day’s N1532.59 a dollar.
Experts have continued to recommend setting the customs duty exchange rate at N1,000/$.
One of the calls is from Muda Yusuf of the Centre for the Promotion of Private Enterprise, who believes that the high customs exchange rate has severe implications for the Nigerian economy, including worsening the cost-of-living crisis and stifling economic growth.
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In a statement, Yusuf added that the volatile exchange rate used for import duty assessment drives up inflation, increases production and operating costs for businesses, and erodes investor confidence.
Similarly, Peter Obi, the presidential candidate of the Labour Party in the 2023 general election, has called on the government to end the arbitrary and ever-increasing customs duties.
He stressed that the development was negatively affecting businesses and the cost of items.
Obi warned that such arbitrary charges could lead to further business closures and job losses.
He said:
“When importers initiate transactions at an exchange rate, say N1000/$, and calculate costs based on it, only to face a higher rate, such as N1400/$, when the goods arrive, it creates significant business losses.
“This unpredictability also fuels inflation, driving up the cost of goods and living.”
Naira rises in official and black markets
Earlier, Henzodaily.ng reported the value of the Nigerian currency, the naira, improved in all foreign exchange markets.
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Naira takes big hit against dollar as currency speculators push back last week’s gains
Data from the CBN reveals that the naira appreciated by 0.85%, gaining N13 in the Electronic Foreign Exchange Matching System (EFEMS).
On Thursday, December 12, 2024, buyers quoted the dollar at N1,532, compared to N1,545 recorded the previous day.
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Source: Henzodaily.ng