Barely 24 hours after making the last change, the Central Bank of Nigeria (CBN) has again adjusted the FX rate for Customs dutyCBN crashed the foreign exchange rate for cargo clearance from N1,613.19 per dollar to N1,588.29 amid the massive gains of the naira against the dollarData from the FMDQ Exchange shows that the naira exchanged for N1,567 on Thursday, December 5, 2024
Henzodaily.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Central Bank of Nigeria (CBN) has adjusted the foreign exchange rate for importers to clear goods from Nigeria’s air and seaports.
The new development came barely 24 hours after the apex bank made the last adjustment.
The Comptroller General of Nigeria Customs Service, Adewale Adeniyi
Credit: NCS
Source: Facebook
CBN reduces the exchange rate for cargo clearance
CBN crashed the foreign exchange rate for cargo clearance from N1,613.19 per dollar to N1,588.29 on Thursday, December 5, 2024, amid the massive gains of the naira against the US greenback.
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New exchange rate: Dollar crashes by over N100 against Nigerian currency
Information from the Nigeria Customs trade portal shows that importers will pay N75.10 less to clear cargo from Nigeria’s ports.
Naira gains massively across all markets
This move comes as the Nigerian currency, the naira, gained across all exchange rate windows against the dollar on Thursday, December 5, 2024.
Data from the FMDQ Exchange shows that the naira exchanged for N1,567 on Thursday, December 5, 2024, after the CBN introduced the electronic trading scheme.
The naira’s gain represents 2.6% or N41 compared to the N1,698 it traded the previous day.
The naira peaked at N1,681.46 on November 6, 2024, and later reversed its fortunes, gaining N114.45 to close at N1,567 per dollar at the official Nigeria Foreign Exchange Market (NFEM).
CBN introduces new governance system in FX markets
According to reports, dealers quoted the dollar’s spot rates at a high of N1,590 per dollar and a low of N1,565.
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Naira appreciates massively in black market, remains stable in official window
The CBN introduced revised market guidelines to strengthen the governance and transparency of Nigeria’s FX market.
The guidelines aim to deepen the FX markets after collapsing them into a single window.
Dollar supply in the official market surges to $43 billion
Henzodaily.ng previously reported that foreign exchange turnover in the Nigerian Autonomous Foreign Exchange Market (NAFEM) increased yearly by 61.9% to $43.09 billion in 11 months from $26.6 billion in the same period in 2023.
Data from the FMDQ Exchange on quarterly transactions in the market shows that FX turnover stood at $12.64 billion in the first three months of 2024 and dropped quarterly by 19% to $10.24 billion in the second quarter of 2024.
The downward spiral continued in the third quarter when turnover dropped by 0.87% to $10.15 billion.
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Source: Henzodaily.ng