CBN Reduces Customs Exchange Rate to Clear Goods at Ports, Airports After Eid-El-Kabir Holidays
The Central Bank of Nigeria (CBN) has reduced the customs exchange rate to clear goods at ports and airports after the Eid-El-Kabir holidays
Here are the details:
New Exchange Rate: The new exchange rate is N1,474.09 per dollar, which represents a 0.24% decrease from the previous rate of N1,477.64 per dollar
Import Duty: This rate will be used to calculate import duties at ports and airports
Form : The new rate will apply to importers who open Form M on Wednesday, June 19, 2024, and subsequent days
Naira Performance: The new customs duty rate reflects the naira exchange rate in the official market
Impact: The reduction in the exchange rate is expected to make imports cheaper and boost trade activities
