The Central Bank of Nigeria has reduced the exchange rate for cargo clearance at Customs area command to N1572.50 from N1593.41 just two days ago.
This represents a drop of N20.91 in just a few days.
As the naira stabilised around N1500 to N1650 in the past few days, the exchange rate for customs cargo clearance has mirrored the prevailing official market rate.
While there have been fluctuations in the exchange rate for cargo clearance in recent times following the devaluation, the CBN has clarified the confusion faced by the business community in a circular stating that the exchange rate on the date of creating Form M should be used for import duty assessment.
It stated, “To this effect, the Central Bank of Nigeria wishes to advise the Nigeria Customs Service and other related parties to adopt the FX rate on the date of opening the Form M for importation of goods, as the FX rate to be used for import duty assessment.
“This rate remains valid until the date of termination of the importation and clearance of goods by the importers.”
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