Customs FX rate on cargo clearance drops to N1448.386/$1

Customs FX rate on cargo clearance drops to N1448.386/$1

The foreign exchange on cargo clearance at nation’s seaports and international airports across the country has reduced again even as Naira continue to strengthen against foreign currencies, especially, the United States dollar at both parallel and official markets.

On Saturday, the Central Bank of Nigeria (CBN) slashed the foreign exchange rate on Cargo clearance from N1,572.507/$1 to N1448.386/$1. The slash represents 7.8% reduction or differences of N124.121 between the new and the old prices.

It was gathered that the exchange rate between the Naira and the Dollar At the official market strengthened to N1,431/$ on Friday, March 22, 2024, closing the week on a positive note.

Data from the FMDQOTC, where the exchange rate is officially set, revealed that the official currency gained 1.52% at the close of business, continuing a rally that has now lasted 7 days. The Naira has now gained over 12% in one week, suggesting the central bank’s policies, implemented aggressively since February, are beginning to show success.

On the parallel market where the exchange rate trades unofficially, traders still quoted between N1400-N1480/$1 depending on who is buying or selling. To this end, importers that opened Form M, on Wednesday, will pay less to clear their cargoes as import duties are benchmarked against the dollar.

Also, importers will open Form M at a lower rate compared to those who opened Form M on Friday, 23rd March, 2024 according to the apex bank’s new directive to Customs to use the rate on the date of submitting Form M for calculating import duties.