CBN raises import duty exchange rate by N18 amid Naira fluctuations against Dollar

The Central Bank of Nigeria has raised the Import duty exchange rate to N1618.73 amid foreign exchange fluctuations.

According to the Nigeria trade hub, the federal government’s official single window for trade, the exchange rate increased by N18 from the previous rate of N1600.32 to the dollar.

This comes as the Naira closed at N1617.08 per dollar last Friday.

Consequently, the import duty exchange rate benchmarked on the position of the Naira against the Dollar at the FX was increased.

Accordingly, the hike is the highest rate since March 2024.

The development comes as the Naira weakened by 6.43 percent in July despite CBN interventions.

In the period under review, CBN sold FX at least three times to authorized dealers and one sale to Bureau de Change, BDC operators as the naira faced significant pressure.

Meanwhile, the Director of the Centre for the Promotion of Private Enterprises, CPPE, Muda Yusuf had consistently urged that the country’s import duty exchange rate be pegged at N1000 per dollar amid the continued fluctuations of the Naira.