The exchange rate for customs duties collection has decreased to N1,637 per USD, down from N1,666 per USD recorded last week.
According to the customs exchange rate portal, the foreign exchange rate for customs duties collection has steadily increased from N1,564 per USD at the beginning of September to the current rate of N1,637 per USD.
The rise in the customs duties collection rate to N1,637 per USD occurs against the backdrop of recent interventions by the Central Bank of Nigeria and the renewed depreciation of the Naira in September 2024, according to Nairametrics.
This development follows the CBN’s announcement of an additional sale of $20,000 to Bureau De Change operators across the country.
Last week, the CBN approved similar sales at a rate of N1,590 per USD. BDC operators are permitted to sell this foreign exchange to approved customers with a maximum markup of 1% above the CBN rate.
Eligible BDCs interested in this sale must deposit the necessary naira amount into their CBN account and provide proof of payment, along with required documents, at specified CBN branches to receive the $20,000.
Following the Central Bank of Nigeria’s sale of $20,000 to BDC operators, the Naira appreciated by approximately 5.1% in the official market.
On Thursday, September 26, 2024, the Naira closed at N1,576.10 in the Investor and Exporter (I&E) window, marking a 5.48% gain from the previous day’s rate of N1,667.52.
This rebound highlights the currency’s renewed strength amid ongoing market fluctuations.
