Nigeria Customs Service (NCS) has once again revised its foreign exchange (FX) rate for duties, now set at N1,238.17 per dollar. This adjustment reflects a 6.8% decrease from the previous rate of N1,246.66/$ recorded on April 8.
The new rate, implemented by customs, falls below the official foreign exchange rate which closed at N1,248.5/$ on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM). This decline in the FX rate for customs tariffs and duties coincides with efforts by the Central Bank of Nigeria (CBN) to stabilize the naira.
On Monday, the CBN announced the sale of forex to bureau de change (BDC) operators at the rate of N1,101/$, marking a reduction from the previous rate of N1,251/$ announced on March 25. Additionally, as part of measures to bolster the naira, the financial regulator instructed all banks to cease accepting foreign currency-denominated collaterals for naira loans.
