CBN Makes Slight Adjustments to Customs Exchange Rate To Clear Goods [Video]

• The Central Bank of Nigeria (CBN) has reduced the exchange rate for Customs duty clearance again
• The new exchange rate reflects the performance of the Nigerian currency in the forex exchange market.
• The customs exchange rate is set by CBN using the closing rate of the dollar in the Nigeria Foreign Exchange Market (NFEM)

The Central Bank of Nigeria (CBN) has slightly adjusted the exchange rate for customs duty for clearing goods at the ports as naira improved against the US dollar.

New data from the trade portal showed that the customs exchange rate was reduced to N1532.7/$ as of Saturday, December 14, 2024.

The new exchange rate is a slight reduction compared to the previous day’s N1532.59 a dollar.

Experts have continued to recommend setting the customs duty exchange rate at N1,000/$.

One of the calls is from Muda Yusuf of the Centre for the Promotion of Private Enterprise, who believes that the high …