Why CBN increased Customs exchange rates to cleat goods

• The Central Bank of Nigeria has hiked the exchange rate for Customs duty clearance in Nigeria’s ports
• Data from the Customs trade portal shows that the CBN increased the rate from N1,564.92 to N1,587.847 per dollar
• The development follows the slight depreciation of the Nigerian currency in the official market

Legit.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 hiked the exchange rate for clearing goods at Nigeria’s sea and airports.

The apex bank hiked the price from N1,564.92 per dollar to N1,587.847 on Sunday, September 22, 2024.

CBN adjusts Customs exchange rates for cargo clearance Credit: NCS
Source: Facebook

The naira depreciates in the official market

The development means that importers will pay N1,587.847 per dollar to apparent goods from air and sea ports across the country.

The development comes as the Nigerian currency, the naira, depreciated slightly in the official window.

Data from the FMDQ Exchange shows that the Nigerian naira has depreciated slightly against the US dollar in the official foreign exchange market. 

New data showed that the naira closed against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) at N1,544.02/$1 on Thursday, September 19 

The latest exchange rate is N4.37 or 0.3% depreciation compared with Wednesday’s closing rate of N1,539.65/$1. 

Other currencies trump the naira

It was, however, a different scenario for the naira against the British pound and the euro in the official market. 

Data from the CBN showed that the Nigerian currency strengthened its value against the pound sterling in the official market by N71.98 on Thursday to sell at N2,108.64/£1 versus the preceding session’s N2,180.62/£1. 

It followed the same path against the euro at the spot market yesterday, appreciating N4.79 to quote at N1,772.61/€1 versus Wednesday's rate of N1,838.17/€1. 

CBN makes changes to customers' savings, current accounts

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has issued a strict warning to commercial banks, payment service providers, and other financial institutions regarding delays in responding to customer complaints.

The directives by the CBN state that commercial banks would be fined N100,000 daily if they fail to address customer complaints within 72 hours.

The new directive aims to ensure quicker resolution of issues within 72 hours, especially those regarding transactions on Automated Teller Machines (ATMs).

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Source: Legit.ng