ADVERTISEMENT
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Thursday, October 9, 2025
NewsOnline Nigeria
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
ADVERTISEMENT
Home Exchange Rates

Customs FX Rate For Cargo Clearance Drops Massively, See New Cargo Clearance Rate

the new figure reflects the prevailing exchange rate on the CBN’s official window.

by NewsOnline Nigeria
March 25, 2024
in Exchange Rates, Headline
0
Customs FX Rate For Cargo Clearance

Customs FX Rate For Cargo Clearance has dropped massively, See New Cargo Clearance Rate below.

 

NewsOnline Nigeria reports that the exchange rate charged by the Nigerian Customs Service (NCS) for cargo clearance and import duties collection has dropped significantly from N1,572.5/$ to N1,448.38 to the USD.

 

This is a reduction of N124.12 from the previous figure.

 

ALSO: Nigerian Tax Laws Violated By Binance (FULL LIST

 

This Nigeria news platform understands that the new figure reflects the prevailing exchange rate on the CBN’s official window.

 

Recall that NewsOnline Nigeria had earlier reported the naira closing at N1431 to the USD at the close of trade last week.

 

The exchange rate for import duties payment on the customs portal has been on a steady decline in the past two weeks mirroring the strengthening of the naira in the FX market. The exchange rate for cargo clearance peaked at N1,624.7/$1 on March 12, 2024, before the gradual decline to the current figure.

 

The Nigeria Customs had earlier stated that the exchange rate for cargo clearance will follow the CBN’s official rate.

 

Implication of recent reforms on FX exchange rate

 

NewsOnline Nigeria reports that the apex bank on the other hand had addressed the frequent changes on the customs exchange rate and the attendant confusion stating that the exchange rate on the date of opening the ‘Form M’ will be used for import duties assessment.

 

The CBN in recent times has instituted a motley of reforms aimed at stabilising the forex market, dispelling speculations, eradicating distortions and strengthening the value of the naira.

 

The near parity between the official and parallel market exchange rates signifies the successful implementation of the Central Bank of Nigeria’s (CBN) foreign exchange market reforms in recent times.

 

CBN’s MPC meeting

This week, the Central Bank will hold its second monthly Monetary Policy Committee (MPC) in 2024 where it would decide to either hold MPR or increase it as part of measures to strengthen the naira and reduce inflation rate across the country.

In its last MPC meeting, the apex bank increased MPR by 400 basis points from 18.75% to 22.75% last month.

ADVERTISEMENT
Previous Post

Coronation Group, Access Holdings Plc, Safaricom and M-PESA Africa Partner to Explore Remittances

Next Post

FG Speaks On Paying Ransom For Kuriga Schoolchildren Release

Next Post
Kuriga Schoolchildren

FG Speaks On Paying Ransom For Kuriga Schoolchildren Release

Trending Stories

No Content Available

Latest Stories

WhatsApp

WhatsApp Tests Username Feature to Replace Phone Numbers in Major Privacy Update

Former INEC Chairman Mahmoud Yakubu

Court Orders Arrest of Former INEC Chairman Mahmoud Yakubu

Gold Prices

Gold Prices Hit Record $3,800 as Global Central Banks Accelerate Buying Spree

CBN

CBN Imposes Tougher Sanctions on PoS Operators, Sets ₦5 Million Minimum Fine for Non-Compliance

Premium Times

Premium Times Reveals How It Uncovered Ex-Minister Uche Nnaji’s Certificate Scandal

Israel, Hamas

BREAKING: Israel, Hamas Agree To Trump’s Gaza Peace Plan in Landmark Deal

Nigeria Police

BREAKING: Nigeria Police Suspend Enforcement Of Tinted Glass Permit

OPay

OPay Faces Mounting Scandals as Fraud Cases, Legal Disputes Erode Public Trust

Moniepoint

Moniepoint Records $1.2 Million Loss in First Year of UK Operations Amid Expansion Drive

Adunni Ade Wins ₦20 Million Court Case Amid Alleged Romance Rumours With Dino Melaye

ADVERTISEMENT

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: [email protected]

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria