Home News Finance Customs Duty Exchange Rate Exceeds Official Rate Of N1581/$
FinanceNews

Customs Duty Exchange Rate Exceeds Official Rate Of N1581/$

611

The exchange rate utilised by the Nigeria Customs Service (NCS) for duties collection has surpassed the official closing rate of the Naira against the US dollar. As of the latest data, the customs exchange rate stands at N1584 per dollar, compared to the official rate of N1581 reported by FMDQ on July 17, 2023.

The recent weakening of the Naira against the US dollar has persisted despite the Central Bank of Nigeria (CBN) efforts to inject more foreign exchange liquidity into the market. Recently, the official FX market saw a substantial increase in turnover, rising by 40 per cent from $740.92 million to $1.03 billion. This was driven by the CBN’s sale of $122.67 million over two days to 46 authorised dealers,  which excluded Bureau De Change Operators.

Dr Omolara Duke, Director of Financial Markets at the CBN, disclosed that $67.5 million was sold to 27 dealers, and $2.5 million was purchased from one dealer on Wednesday. The transactions were executed at bid ranges between N1,480/$1 and N1,500/$1. The CBN is gearing up for its fourth Monetary Policy Committee (MPC) meeting, where it will deliberate on maintaining or further adjusting interest rates amidst the ongoing depreciation pressures on the Naira.

However, CBN’s governor, Yemi Cardoso, has stressed that the apex bank will maintain high interest rates if inflation does not ease up. The inflation rate notably reached 34.19 per cent in June 2024.

Read more: Just In: Minister Of Education Orders JAMB, Institutions Not To Admit Anyone Below 18

Marketers Reveal Petrol Landing Cost At ₦1,117/litre

About The Author

Related Articles

FinanceNewsWorld

Niger’s Prime Minister Attends WAEMU Ministerial Meeting in Dakar as Burkina Faso Takes Over Council Presidency

Niger’s Prime Minister and Minister of Economy and Finance, Ali Mahamane Lamine...

FinanceTravelWorld

AES and Togo Discuss Customs Reform and Regional Trade Integration

The member states of the Alliance of Sahel States (AES), Mali, Burkina...

Cooking Gas Kerosene Prices Increase
BusinessNews

Tinubu Regime Causes More Pain For Nigerians As Cooking Gas Prices Soar 40% In One Week

The price of refilling a 12.5kg cylinder of Liquefied Petroleum Gas (LPG),...

News

Niger Parliamentary Delegation Visits Bamako to Strengthen Ties Within the CSSS

A parliamentary delegation from Niger has arrived in Bamako, Mali, as part...