The Central Bank of Nigeria (CBN) has increased the foreign exchange (FX rate) for clearance of goods at different import points from N1593.84/$1 to N1612.28/$1, representing N18.44 increase.
The latest FX rate displayed on the Nigeria Customs Service’s (NCS’) portal indicated that the latest FX rate was introduced on Monday, March 11.
According to the official FX rate in the day under review, the Naira traded at N1617.96 to the US dollar
The apex bank had in February this year introduced the new FX rate policy which directed the NCS to use the FX rate on the date of Form M for clearance of goods.
The measure was sequel to complaints from business owners, particularly manufacturers, over the regular changes in the Customs’ FX rate and the uncertainties associated with filing their Form M for importation of goods.
The CBN maintains that the move will reduce the confusion around different FX rates and assist planning for both the NCS and the business owners.
Following the monetary policy directive, the Comptroller-General of the NCS, Adewale Adeniyi, said that following the floating of the Naira, the Service will be reviewing the FX rate for clearance of goods in accordance with the rates sourced from the CBN official market rate.
