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CBN Slashes Customs Exchange Rate to 8-Week Low

In a surprising move, the Central Bank of Nigeria (CBN) has drastically reduced the exchange rate for customs import duties collection to its lowest point in the past eight weeks, according to reports from Findwhosabi News.

The new rate, now standing at N1303.8 to the USD, marks a significant 7.24% drop from the previous rate of N1405/$, observed merely within a 48-hour period. This adjustment brings the current exchange rate to its lowest value since February 2nd, 2024, when it stood at N1356.8/$.

CBN Governor, Dr. Olayemi Cardoso

This sharp decline in the customs exchange rate highlights a notable appreciation of the Naira, both in the official and parallel markets, over the last fortnight.

Data from the FMDQ Security Exchange, the official forex trading portal, further confirms this trend, revealing that the Naira opened and closed at ₦1300.43 per $1 on March 27th and 28th, 2024, respectively.

The Central Bank of Nigeria

The Nigeria Customs Comptroller-General has previously indicated that the exchange rate for duties collection would be pegged by the CBN based on the official market rate, underscoring the significance of this recent adjustment.

As Nigeria navigates through fluctuating economic dynamics, this reduction in the customs exchange rate signals a concerted effort to stimulate trade and bolster economic activities. Stay tuned for more updates on this evolving story.

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