Amid the Naira depreciation, the Central Bank of Nigeria (CBN) has decided to increase the exchange rate used for calculating tariff and import duties collection at the nation’s seaports and airports by N162.51.
According to data released by the apex bank, the customs exchange rate rose to N1327.35 per Dollar on Monday, up from N1,164.84 per Dollar on Sunday, marking a significant 12.2% or N162.51 increase.
This adjustment indicates a continuous rise in the value of the Dollar in the nation’s foreign exchange market.
Market data from FMDQ revealed that the Naira experienced a depreciation of N79 against the Dollar in the foreign exchange market on Monday.
Nigeria’s custom exchange rate has been consistently influenced by the fluctuations in the forex market, leading to these constant adjustments.
Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, has suggested that the customs exchange rate should be pegged at a maximum of N1,000 per Dollar for a minimum period of six months.
Read more: https://dailypost.ng/2024/02/15/inflation-import-duty-exchange-rate-should-be-n1000-per-dollar-cpp