Customs Duty Exchange Rate Exceeds Official Rate Of N1581/$

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.

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