Excitements as Customs Duty Exchange Rate Drops to N1,364/$

By DAPO OLAWUNI

Even as the Naira has continued to gain against the dollars, the Central Bank of Nigeria (CBN) has carried out a downward adjustment of the import duty exchange rate from N1,405/$ to N1,364/$.

This is even as freight forwarders have expressed excitement and confidence in the President Bola Tinubu’s administration for purposely fighting to stabilize the economy.

DAILY TREND reports that the new rate has taken effect on the customs portal as at 28th of March, 2024.

The Naira 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.

The CBN had disclosed its success in settling an over $4 billion backlog in foreign exchange forwards, benefiting businesses both within and internationally.

Additionally, it has imposed restrictions on International Oil Companies (IOCs), allowing them to only transfer 50% of their foreign exchange earnings immediately and requiring a 90-day wait to transfer the remaining 50%.