The Nigeria Customs Service (NCS) has reduced the exchange rate for import duties collection from N1238.1 to the dollar to N1,147 per dollar in a reflection of the strong grounds the naira has gained recently. It is the first adjustment since April 10.
The NCS through the Central Bank has regularly fixed the exchange rate to reflect the official market rate on the NAFEM window hence the often rate fluctuations.
The naira has significantly gained ground over the last month in both the official and parallel market due to the bold reforms championed by the CBN.
The significant gains in the value of the naira in recent time has not gone unnoticed as global stakeholders have praised its performance with Goldman Sachs acknowledging it to be one of the best-performing currencies globally.
There was recent outrage surrounding the defence of the naira with the country’s foreign reserves. A claim the Central Bank Governor, Olayemi Cardoso has denied saying the depletion of the reserves was to fulfill its loan and other obligations.
