The Central Bank of Nigeria (CBN) has announced a modification to the Customs exchange rate for the clearance of cargoes at the nation's seaports and airports.
The new rate, set at N1,150/$1, marks a 7.1% adjustment from the previous rate of N1,238/$1.
This move by the CBN comes amidst the appreciating value of the naira against the United States dollar in both official and parallel markets.
Responding to concerns raised regarding the frequent changes in the Customs' FX rate, the CBN clarified that the exchange rate on the data of the Form M application would be utilized for duties collection calculations.
This adjustment, done in collaboration with the Nigeria Customs Service (NCS), aims to align the exchange rate with the official market rate on the NAFEM window, leading to periodic alterations in the rate.
Despite these adjustments, clearing agents are urging the CBN to further reduce the exchange rate for cargo clearance to N600/$1 to stimulate port activities.
Akinola Oluwaseun, a clearing agent at Tin-Can Island port, emphasized the importance of sustaining gains in the foreign exchange market to bolster economic activities in the seaport.
He noted a significant decrease in Customs duty payable on imported cargo and vehicles, expressing optimism that a further drop in the exchange rate would spur increased activity at the port.
"With the decrease in the Customs' exchange rate, duty payments have also decreased. We are hopeful that the exchange rate can further drop to N600/$1, which would significantly boost port activities," Akinola remarked.
He highlighted the recent decline in the value of the dollar in the foreign exchange markets and cargo clearance processes, anticipating a continued downward trend in the coming weeks.
Post a Comment
0Comments