The exchange rate for import duties collection by the Nigeria Customs Service (NCS) has risen to N1601.84/$ on the back of recent depreciation of the naira.
This is coming on the heels of the naira trading at a four-month low of N1,609 to the USD according to data from the FMDQ exchange on Friday, 26th July 2024.
The renewed depreciation of the naira serves as a blow to the continued monetary policy tightening by the Central Bank of Nigeria (CBN) which hopes the MPR hike will help stabilise and strengthen the value of the naira.
It is the lowest level since March 14, 2024, when it was N1,608.98 to $1, as the naira breaks through the N1,600 barrier. This decline comes just three days after the naira showed impressive gains against the dollar, marking its best performance since March marking renewed volatility in the foreign exchange market.
