The Nigeria Customs Service (NCS) has once again revised the foreign exchange (FX) rate for duties, setting it at N1,147.02 per dollar. This adjustment marks a 7.3 percent decrease from the previous rate of N1,238.1/$, which was in effect on April 18.
The new rate, implemented by customs, was observed on Friday, falling below the official foreign exchange rate of N1,154/$ as recorded on April 18 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This move comes amidst efforts by the Central Bank of Nigeria (CBN) to stabilize the naira, aiming to maintain economic equilibrium. Notably, on April 17, the naira experienced an appreciation to N1,050 at the parallel section of the FX market, contrasting with the N1,100/$ rate observed on April 15.
President Bola Tinubu inaugurated the national single window (NSW) project on April 16 to enhance trade activities within the country. The NSW initiative serves as an electronic portal connecting all agencies and stakeholders involved in import and export processes to an integrated platform, streamlining operations and promoting efficiency.
Addressing the latest developments, Adewale Adeniyi, the Comptroller-General (CG) of the Nigeria Customs Service (NCS), highlighted the country’s strides in consultations regarding the potential reopening of borders with neighboring nations such as Niger Republic and Benin Republic. These discussions underscore Nigeria’s commitment to fostering regional trade relationships and bolstering economic cooperation.
Source: TheCable