The Central Bank of Nigeria (CBN) has adjusted the import duty exchange rate lower from ₦1,405/$ to ₦1,364/$, even as the Naira has continued to appreciate against the US dollar.
Recent gains in the value of the Naira are mostly attributable to the central bank’s strategic actions and reforms, which are intended to reduce inflation and stabilise the foreign currency (FX) market.
PORTS & BORDERS reports that the new rate is effective as of today March 28, 2024 on the Customs portal.
Freight forwarders have voiced optimism and trust in President Bola Tinubu’s administration for actively working to stabilise the economy.
The CBN announced that it had successfully resolved a backlog of foreign exchange forwards totaling over $4 billion, helping both domestic and foreign companies.
It has also placed limitations on International Oil Companies (IOCs), requiring them to wait 90 days before transferring the remaining 50% of their foreign exchange gains, and only permitting them to transfer 50% of their revenues right away.
