Customs Import Duty Exchange Rate Surges Above Official Rate to N1,441/$

Customs Import Duty Exchange Rate has surged above the official rate to N1,441/$.

 

NewsOnline Nigeria reports that the exchange rate for customs duty collection has increased to N1,441.53 to the USD in the past two days from N1,373.64/$ at the beginning of the month. The new figure represents an increase of N61 from the prior figure.

 

The new FX rate for import duties is above the official market rate of the naira as of 02 May 2024 when the naira closed at N1,402.67/$ on the official market. In the parallel market, the naira closed at N1,380 to the greenback that same day.

 

SEE ALSO: Governors Disagree with FG on Minimum Wage Hike

 

In the past two weeks, the naira has seen significant depreciation, having performed strongly in the month of March when it was tagged the best performing currency in the world by Goldman Sachs. The naira opened the new month on a negative note seeing a decline of 0.74% to N1,360/$ compared to the last trading day in April.

Meanwhile, NewsOnline Nigeria reported that the Centre for the Promotion of Private Enterprise (CPPE) has called on the CBN to tame inflation and bring about stability to aid panning for businesses. The centre urged The CBN to adopt a uniform rate to create certainty in the trade sector.

 

The centre recommended a rate of N1000/$ for import duties going forward.