The Nigeria Customs Service, NCS, has once again adjusted the foreign exchange rate for duties to N1,238 to the dollar.
The change represents a 6.8 percent decrease compared to N1,246 displayed on April 8.
To further strengthen the naira, the Central Bank of Nigeria‘s, CBN, has also directed all banks to stop the use of foreign currency-denominated collaterals for naira loans.
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Mr. Dele Oye, President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, had, on April 9, said the customs rate for import duties should be charged in naira instead of dollars.
Mr. Oye also called for all bonafide government transactions to be carried out in Naira.
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