National Economy
Monday, May 12, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Business

CBN Reduces Customs Exchange Rate By 2.96%

by Yusuf Babalola
1 year ago
in Business, Lead-In
Reading Time: 1 min read
CBN

CBN

Share on FacebookShare on TwitterShare on Telegram

 

The Central Bank of Nigeria (CBN), once again, slashed the Customs exchange rate for cargo clearance from N1448.386/$1 to N1,405.466.

NATIONAL ECONOMY reports that recent slash came barely 48 hours after the apex regulatory bank slashed the Customs exchange rate from N1,572.507/$1 to N1448.386/$1.

The slash represents 2.96 per cent reduction or differences of N42.92 between the new and the old prices. 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.

You May Like

Court Grants EeZeeTee N20m Bail Over Alleged $255,000 Forex Fraud

NiMeT Prediction: Kwara Gov’t Issues Advisory To Farmers, Residents

Also, importers will open Form M at a lower rate compared to those who opened Form M on Friday, March 23, 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.

It was gathered that the naira has continued to gather momentum in the official and parallel market. The CBN, on Monday, issued a circular to Bureau de Change operators, indicating that they have provided each BDC with $10,000 at an exchange rate of N1,251 per US dollar.

In the circular, each Bureau de Change was instructed to offer dollars to qualified customers at a rate that does not surpass 1.5 per cent above the buying price.

This indicates that Bureau de Change are advised not to sell above N1,269 for each $1.

“We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs. We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”

 

 

Tags: CBN
ShareTweetShare
Previous Post

The Culture Of Waste In Nigeria

Next Post

Unilever Ghana Appoints Chris Wulf-Caesar As CEO

ANOTHER GOOD READ

Court Grants EeZeeTee N20m Bail Over Alleged $255,000 Forex Fraud
Business

Court Grants EeZeeTee N20m Bail Over Alleged $255,000 Forex Fraud

3 days ago
NiMeT Prediction: Kwara Gov’t Issues Advisory To Farmers, Residents
Business

NiMeT Prediction: Kwara Gov’t Issues Advisory To Farmers, Residents

4 days ago
JUST-IN: Suspected Sea Pirates Abduct 13 Persons In Rivers
Business

JUST-IN: Suspected Sea Pirates Abduct 13 Persons In Rivers

4 days ago
African Startups Raise $343m In April
Business

African Startups Raise $343m In April

5 days ago
Dangote Hails Tinubu Over NNPCL Leadership Choice
Business

Dangote Hails Tinubu Over NNPCL Leadership Choice

5 days ago
‘Kyari’s Record At NNPCL One Of The Most Transparent’, Lawyers Dismiss EFCC Probe
Business

‘Kyari’s Record At NNPCL One Of The Most Transparent’, Lawyers Dismiss EFCC Probe

6 days ago
Next Post
Unilever Appoints Michael Ikpoki As Interim Chairman After Achebe’s Retirement

Unilever Ghana Appoints Chris Wulf-Caesar As CEO

Most Recent

Umar Ajiya’s NNPC Legacies

Umar Ajiya’s NNPC Legacies

May 11, 2025
Kwara Gov Approves Recruitment Of More Medical Workers

Kwara Gov Approves Recruitment Of More Medical Workers

May 9, 2025
Nigeria Loses $3.6bn Annually To Foodborne Illnesses

Nigeria Loses $3.6bn Annually To Foodborne Illnesses

May 9, 2025
Senate Passes 2 Remaining Tax Reform Bills, Recommends Tax Tribunal

Senate Passes 2 Remaining Tax Reform Bills, Recommends Tax Tribunal

May 9, 2025

Olubadan Suspends 2 Chiefs Over Alleged Land Grabbing

May 9, 2025
Fire Destroys Multimillion Naira Foam Factory In Oyo

Fire Destroys Multimillion Naira Foam Factory In Oyo

May 9, 2025
Court Grants EeZeeTee N20m Bail Over Alleged $255,000 Forex Fraud

Court Grants EeZeeTee N20m Bail Over Alleged $255,000 Forex Fraud

May 9, 2025
TomTom Launches 2025 BTI Verse Challenge with Yaba Showdown   

TomTom Launches 2025 BTI Verse Challenge with Yaba Showdown  

May 8, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy