The exchange rate used for calculating customs import duties and cargo clearance has decreased for the fifth time in under two weeks, moving from N1,612 per dollar on March 15th to N1,405.46 per dollar currently.
Previously, the Nigerian Customs Service (NCS) had declared that the exchange rate for duty collection and cargo clearance would be determined by the Central Bank of Nigeria (CBN), based on the official market rate.
A breakdown of the decline in the past few days
- 15th March 2024- N1,612/$
- 16th March 2024- N1,593/$
- 19th March 2024- N1,572/$
- 23rd March 2024- N1,448/$
- 27th March 2024- N1,405/$
Recent observations indicate a steady depreciation in value, evidencing the naira’s strengthening against other currencies in both the parallel and official foreign exchange markets. Over the last two weeks, there has been a notable improvement in the naira’s value, climbing from N1,615 per dollar on March 13th to N1,382 per dollar by March 26th.
Recent reforms by the CBN
The Nigerian Naira (NGN) has seen improvements recently, which are largely due to the strategic measures and reforms implemented by the central bank aimed at curbing inflation and stabilizing the foreign exchange (FX) market.
