The Central Bank of Nigeria (CBN), on Tuesday, reduced the Foreign Exchange on cargo clearance at seaports and airports from N1593.41/$1 to N1,572.507/$1.
According to data on the Federal Government Single Window for Trade platform, the reduction represents 1.3 percent and a difference of N20.903.
It was gathered that the Customs exchange rate which was the third time in eight days was firstly reduced from N1,617.96/$1 to N1,593.41/$1 and now to N1,572.507/$1.
The slash, analysts argued, was as a result of the naira that strengthened against the dollar at the official window, on Tuesday.
At the the Nigerian Autonomous Foreign Exchange Market (NAFEM), also known as the official market, the Naira strengthen against the dollar trading at N1560.57/$1.
To this end, importers that opened Form M, on Wednesday, will pay less to clear their cargoes as import duties are benchmarked against the dollar.
Also, importers will open Form M at a lower rate compared to those who opened Form M on Monday, 18th March, 2024 according to the apex bank’s new directive to Customs to use the rate on the date of submitting Form M for calculating import duties.
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