Nigeria Customs Service (NCS) has set tongues wagging with its latest move in the currency arena! Brace yourselves as Findwhosabi News unveils the scoop: the NCS has cranked up the foreign exchange (FX) rate for import duties to a staggering N1,373.64 per dollar. That’s a whopping 19.4% surge from the previous rate of N1,150.1/$, last seen on April 24.
The winds of change swept in on a Wednesday, catching many off guard. But hold your horses, folks! Despite this seismic shift, the NCS’s rate still plays second fiddle to the official foreign exchange rate, which stood tall at N1,390/$ by April’s end.
Why the sudden leap, you ask? Well, buckle up as we dive into the backstory. Customs, known for dancing to the Central Bank of Nigeria’s (CBN) tune, typically follows the beat of the official forex market. Following CBN’s directive on February 23, customs and cohorts were instructed to toe the line, using the closing rate in the official window for import duty assessments. It’s a game of numbers, folks, and the FX rate at the point of importation holds the trump card until the curtains fall on clearance.
But let’s rewind a bit. Since the naira took a wild ride in the FX market’s rollercoaster post its floatation on June 14, 2023, it’s been a bumpy road. Ups, downs, twists, and turns – you name it, the naira’s seen it all!
So, there you have it, folks – a twist in the tale of Nigeria’s currency saga. Stay tuned to Findwhosabi News for more headline-worthy updates!