Customs Import Duty Exchange Rate Surges Above Official Rate to N1,441/$
The Customs Import Duty Exchange Rate has soared above the official market rate, reaching N1,441.53 per USD in recent days. This surge marks a significant increase from the previous rate of N1,373.64/$ at the beginning of the month, representing a notable jump of N61.
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This new exchange rate for import duties surpasses the official market rate of the naira, which stood at N1,402.67/$ on May 2, 2024, according to official market data. In comparison, the parallel market recorded the naira closing at N1,380 against the greenback on the same day.
Over the past two weeks, the naira has experienced considerable depreciation, marking a contrast to its strong performance in March, where it was hailed as the best performing currency globally by Goldman Sachs.
The new month began on a negative trajectory for the naira, witnessing a 0.74% decline to N1,360/$ compared to the final trading day of April.
In response to these fluctuations, the Centre for the Promotion of Private Enterprise (CPPE) has urged the Central Bank of Nigeria (CBN) to take action to curb inflation and instill stability to facilitate business planning.
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The CPPE advocated for the adoption of a uniform exchange rate to create certainty within the trade sector, proposing a rate of N1000/$ for import duties moving forward.
As economic actors navigate these shifts, stakeholders continue to monitor developments in the foreign exchange market and explore strategies to mitigate the impact of currency fluctuations on trade and investment.
