In a significant development shaking up the trade landscape, Findwhosabi News uncovers a dramatic decline in the foreign exchange rate for Nigeria Customs Services’ (NCS) cargo clearance. The rate has plummeted to N1260.49 per dollar from the previous N1330 per dollar, marking a substantial N70 dip in the customs exchange realm.
Sources reveal that this latest exchange rate mirrors the closing figures on the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window, where the Naira locked horns with the dollar, ultimately closing at a commendable N1255 per dollar.
This downturn in exchange rates isn’t a one-time anomaly; rather, it reflects a trend of Naira’s fortification in the foreign exchange (FX) market. Over the past fortnight, the exchange rate utilized for import duty payments on the customs portal has been on a steady decline, signaling the Naira’s resurgence against its dollar counterpart.
Just weeks ago, the exchange rate soared to a staggering peak of N1,624.7 per dollar, sending shockwaves across trade corridors. However, the tide has turned, and the Naira is on a downward trajectory, reclaiming lost ground and asserting its strength in the forex arena.
Amidst these fluctuations, the Nigerian Customs Service confirms that the Central Bank of Nigeria (CBN) plays a pivotal role in recalibrating exchange rates to align with prevailing market conditions. The exchange rate applied on the initiation date of the ‘Form M’ serves as the benchmark for assessing import duties, as per clarifications from the apex bank.
However, these rapid changes haven’t gone unnoticed, as the Nigerian Customs boss voiced concerns over the adverse impact of frequent exchange rate shifts on trade dynamics. With a staggering 28 different exchange rates for cargo clearance recorded in the first quarter alone, challenges loom large on the horizon.
In response, the CBN has embarked on a series of sweeping reforms aimed at stabilizing the forex market, curbing speculative activities, eradicating pricing irregularities, and bolstering the Naira’s resilience. As the nation braces for further developments, all eyes remain glued to the exchange rate ticker, awaiting the next chapter in Nigeria’s economic saga. Stay tuned to Findwhosabi News for the latest updates on this unfolding narrative!