July 25, 2024
CBN Raises Import Duties FX Rate To N1,457/$
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CBN Raises Import Duties FX Rate To N1,457/$

The Central Bank of Nigeria, CBN, has raised the exchange rate for calculating import duty at the nation’s seaports to N1,457.014/$ from N1,414.599/$, as the naira depreciated further against the dollar.

According to the information on the official trade portal of the Nigeria Customs Service, this represents an increase of N42.41k in the exchange rate of each dollar needed to clear goods at the port.

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The naira, on Monday, depreciated more against the dollar as it traded at N1,515 on the parallel market, representing 2.97 percent (N45/$1) depreciation against the US dollar when compared to the exchange rate of N1,470 on Friday.

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