The Nigeria Customs Service has raised the exchange rate for collecting customs by N3, surpassing the official Naira closing rate during the NAFEM window .
The customs exchange rate website reveals that the FX rate for collecting duties is N1584/$, however FMDQ data indicates that the naira closed at N1581 to the US dollar on July 17, 2023, according to Nairametrics.
The current customs duties exchange rate of N1584 /$ is one the highest since March 2024 when the naira depreciated near the N1600/$ mark.
The official foreign exchange (FX) market in Nigeria had a 40% increase in turnover last week, which was notable. FMDQ data reveals a $292.75 million increase from $740.92 million to $1.03 billion this week.
The first week of June saw the weekly FX turnover surpass $1 billion for the first time, with a total of $1.05 billion recorded. Following the CBN’s covert participation in the foreign exchange market through the sale of FX to approved dealers, there has been an increase in FX turnover.
The CBNsold dollars valued at $122.67 million to 46 approved dealers over the course of two days, which caused a spike in foreign exchange turnover this week.
The CBN’s Director of Financial Markets, Dr. Omolara Duke, revealed in a statement that the apex bank bought $2.5 million from one authorized dealer and sold $67.5 million to 27 authorized dealers on Wednesday.
