The updated rate reflects the current exchange rate on the CBN’s official platform. Import duties payment on the customs portal has steadily decreased over the past fortnight, aligning with the naira’s appreciation in the FX market.
Cargo clearance exchange rate peaked at N1,624.7/$1 on March 12, 2024, before gradually declining to its current level.
Nigeria Customs previously announced that cargo clearance rates would track the CBN’s official rate.
The CBN addressed the customs exchange rate fluctuations and resulting confusion, stating that the ‘Form M’ opening date’s exchange rate would determine import duties assessment.
Recent CBN reforms aim to stabilize the forex market, eliminate distortions, and bolster the naira’s value.
The near convergence of official and parallel market exchange rates indicates successful implementation of CBN’s forex market reforms.
This week, the Central Bank will convene its second monthly Monetary Policy Committee (MPC) meeting in 2024, possibly to hold or increase the MPR, as part of efforts to strengthen the naira and curb inflation.
At the previous MPC meeting, the apex bank raised the MPR by 400 basis points, from 18.75% to 22.75% last month.
Source: Techeconomy
