The exchange rate for cargo clearance in Nigeria experienced a significant surge, rising from N1,356.8/$ to N1,413.6/$ within 24 hours after the Central Bank of Nigeria (CBN) adjusted the rate.
This 4.4 per cent increase in import duties was reflected on the Customs trade portal on Saturday.
The federal government’s single-window trade portal indicated a notable revision of the exchange rate from N951.94 to the USD at the beginning of the year to N1,356.88, marking a 43 per cent increase.
The Customs service had earlier communicated that the exchange rates for cargo clearance would align with the official foreign exchange rate set by the CBN.
The ongoing currency crisis in Nigeria, characterized by a significant depreciation of the naira, has been influenced by market forces determining the currency’s value post the CBN’s exchange rate market unification in June.
The naira hit a fresh low at N1,461.90 against the USD, prompting the Customs service to adhere to the official market (NAFEM) rates directed by the CBN.
To address the FX challenges, the Central Bank introduced guidelines to mitigate risks associated with speculation, emphasizing the need to stabilize the foreign exchange market. Governor Yemi Cardoso acknowledged the undervaluation of the naira and pledged efforts toward real price discovery in the foreign exchange market in 2024.
The CBN’s collaboration with the Ministry of Finance aims to implement inflation-taming policies and stabilize the exchange rate, reflecting the complexities and challenges faced by Nigeria’s foreign exchange market.
