The Central Bank of Nigeria (CBN) has slashed the exchange rate for customs import duties collection to the lowest in eight weeks.
Check by Nairametrics on the customs exchange rate window reveals that the rate for duties collection has declined from N1405/$ to N1303.8 to the USD.
The FX rate of N1303/$ represents the lowest for exchange rate since 2nd February 2024 when the exchange rate for customs duties stood at N1356.8/$.
The recurring decline in the customs exchange rate for duties collection reflects the appreciation of the naira in both the official market and parallel market in the last two weeks.
