Floating Naira: Customs Duty Exchange Rate Rises to ₦783.174

By DAPO OLAWUNI

In line with decision of the Federal Government on float the Naira, the Nigerian Customs Exchange Rate for calculations of import duties have been increased again from N770.88/$ to ₦783.174/$.

DAILY TREND investigations revealed that the changes were officially reflected on the Customs portal on Thursday through the Central Bank of Nigeria (CBN)

Sources in the import and export value chain told our correspondent that the nw rates would now guide the importers and clearing agents as they make quotations for new jobs and for capturing for payments.

Recall that the CBN had authorized banks to sell foreign exchange freely at market-determined rates, aligning with President Bola Tinubu’s commitment to a single exchange rate regime.

This move according to the government, aims to attract investment and address concerns raised by multilateral lending organizations about the negative impact of multiple currency rates on the economy.