[ad_1]
- The CBN has decided to slash the naira-to-dollar exchange rate for calculating Nigeria customs duty
- The Nigeria Customs Service has announced the new rates, which will come as a big relief to businesses and importers
- The good news comes as the value of the naira appreciated in the official and unofficial markets during the week
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has slashed the Nigeria Customs Service exchange rate to calculate import duties at the nation’s ports.
Customs duties are taxes and levies paid on goods imported into the country.
The duties are paid through a commercial bank to the Nigeria Customs Service, which receives on behalf of the Federal Government.
Photo credit: CBN
Source: Facebook
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Customs new exchange rate
Data from the federal government trading portal showed that as of Saturday, March 23, 2024, importers will be charged N1,448.386 per dollar for import duty.
The new rate represents a 7.89% reduction from the previous rate of N1,572.507 per dollar.
The decision to slash the customs rate comes as the value of the Nigerian currency improved against the US dollar.
The naira during the week (Monday, 18th to Friday, 23rd, 2024) recorded impressive performances to end the week with a 12% gain.
The exchange rate closed at N1,431/$1 on Friday, March 22, 204, at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market.
BusinessDay reports that on Thursday, March 21, some traders quoted N1,251/$, the lowest rate in 2024
UK firms predict exciting exchange rate
Earlier, Legit.ng reported that two UK-based financial institutions have predicted a new exchange rate for the naira against the dollar.
Goldman Sachs and Standard Chartered believe the naira will rebound and close stronger in 2024.
Their predictions are based on the current reforms by the Cardoso-led CBN, which has helped the naira achieve an N1572.86/$ rate on Monday from above N1,600.
Source: Legit.ng
[ad_2]
Source link
