The Central Bank of Nigeria (CBN), has adjusted the Customs exchange rate for clearance of cargoes at the nation’s seaports and airports from N1,238/$1 to N1,150/$1.
According to data on Nigeria’s trade hub, the exchange rate has been adjusted by 7.1% or N88 from its last rate of N1,238/$1 by the CBN. The reduction of the Customs exchange rate is in response to the appreciation of the naira against the dollar in the official and parallel markets. Also, the CBN had earlier stated in response to complaints over the frequent changes in the Customs’ FX rate that the exchange rate on data of the Form M application will be used in calculating the duties collection. The Nigeria Customs Service (NCS), in collaboration with the CBN, regularly adjusts the exchange rate to align with the official market rate on the NAFEM window, resulting in frequent changes in the rate.
However, clearing agents have called on CBN to ensure that the exchange rate for cargo clearance is reduced to N600/$1, to boost port activities. A clearing agent operating at Tin-Can Island port, Akinola Oluwaseun, said sustaining the forex markets gain will make economic activities boom in the seaport.
