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- The CBN has adjusted the exchange rate for importers to clear goods at the nation's ports after the Christmas holiday
- The new exchange rate represents a slight increase compared to the previous rate before the Christmas public holiday
- Businesses and companies expecting goods from abroad at the end of the year will pay more, as the new rate indicates
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria has slightly adjusted the Customs duty exchange rate used to clear goods at the ports and airports.
Checks by Legit.ng on the federal government trade portal showed that importers will pay N1,538.07 a dollar for customs duty from Thursday, December 24, 2024.
Source: Getty Images
The new rate represents a 0.18% increase compared to the N1,535.21 dollar exchange rate announced on Tuesday, December 24.
Foreign trade data
According to data from the National Bureau of Statistics, Nigeria imported N12.473.53 trillion in the second quarter of 2024.
This represents a decrease of 10.71% compared with the value recorded in Q1, 2024 (N13.970.05 trillion) and a rise of 97.93% from the value recorded in the corresponding quarter of 2023 (N6.301.95 trillion).
The bureau reports that the major source of imported goods is China, followed by Belgium, India, the United States of America, and the Netherlands.
NBS said:
“The value of other oil products imports in Q2 2024 stood at N4.425.31 trillion, showing a decrease of 23.34% from N5.772.35 trillion in Q1 2024 and a 98.64% rise from N2.227.84 trillion in Q2 2023.”What Nigerians are importing?
The NBS reported that in Q2 2024, raw material imports were valued at N1.481.50 trillion, marking a 0.96% increase from N1.467.41 trillion in Q1 2024 and a significant rise of 160.92% from N567.80 billion in Q2 2023.
It further noted that solid mineral imports in Q2 2024 were valued at N96.80 billion, representing a 35.61% increase from N71.38 billion in Q1 2024 and a 206.08% surge from N31.63 billion in Q2 2023.
In the reviewed quarter, the NBS also stated that the value of imported manufactured goods stood at N5.576.67 trillion, reflecting a 2.82% decline from N5.738.32 trillion in Q1 2024 but an 84.67% increase from N3.019.78 trillion in Q2 2023.
Naira exchange rate rises
Earlier, Legit.ng reported that the value of the naira appreciated against the US dollar before the public holiday.
The naira appreciated closing at N1,539.55 per dollar on Monday, December 23, 2024, an improvement from the previous day’s value.
The Nigerian currency also improved against the dollar in the parallel market, also known as the black market.
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Source: Legit.ng
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