Fx rate set by customs for cargo clearance reduced by N124, now standing at N1,448 per US dollar.

The exchange rate charged by the Nigerian Customs Service (NCS) for cargo clearance and import duties collection has dropped significantly from N1,572.5/$ to N1,448.38 to the USD.

This is a reduction of N124.12 from the previous figure.

The new figure reflects the prevailing exchange rate on the CBN’s official window. Nairametrics earlier reported the naira closing at N1431 to the USD at the close of trade last week.

The exchange rate for import duties payment on the customs portal has been on a steady decline in the past two weeks mirroring the strengthening of the naira in the FX market. The exchange rate for cargo clearance peaked at N1,624.7/$1 on March 12, 2024, before the gradual decline to the current figure.

The Nigeria Customs had earlier stated that the exchange rate for cargo clearance will follow the CBN’s official rate.

https://www.hawkersv.com/2024/03/fx-rate-set-by-customs-for-cargo.html?m=1

Great! But the question is, will importers/businesses review the prices of commodities downwards? I sincerely doubt.

opk

If the government is serious about crashing the USD, they should adjust this rate to 900 naira to a dollar. By this time next week, the rate will crash to 1000 at the parallel market.