See latest exchange rate to clear goods at ports, airports

• The CBN has again made adjustments successful the Customs work complaint for clearing goods astatine the larboard and besides airport
• The caller rates bespeak the continued depreciation of the naira successful some the authoritative and unofficial markets
• Experts proceed to inquire the Nigerian authorities to peg the Customs speech complaint astatine N1,000/$ to bring down inflation

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Central Bank of Nigeria (CBN) has decided to summation the Nigeria Customs work speech complaint to wide goods astatine ports to N1,665.91 a dollar.

The caller complaint represents a 0.88% summation from the erstwhile complaint of N1,651.28 per dollar astatine the extremity of October.

New speech complaint to wide goods astatine ports Photo credit: NCS
Source: Getty Images

Naira speech rate

The caller Customs work exchange rate reflects the existent show of the naira successful the overseas speech markets.

It is besides the archetypal alteration successful Customs' caller complaint successful November 2024.

According to information from FMDQ securities, the naira successful the Nigerian Autonomous Foreign Exchange Market (NAFEX), which is the authoritative market, was closed astatine N1,666.72/$1 speech complaint connected Friday, November 1, 2024.

What is import duty?

Import duty, besides known arsenic Customs duty, is simply a taxation collected by customs authorities connected behalf of the national authorities from importers portion clearing goods astatine the seaport.

The worth of the imported goods usually determines the magnitude to beryllium paid, calculated successful overseas currency.

Reacting to the latest changes, a licensed customs clearing agent, Joe Madu, told Legit.ng that the complaint makes beingness hard for businesses and besides agents.

"There are truthful galore abandoned containers astatine the ports, and arsenic agents, we're struggling. When companies don't wide their goods, we suffer our root of income to enactment our families."

Lagos Chamber predicts caller speech rate

Earlier, Legit.ng reported that the Lagos Chamber of Commerce and Industry (LCCI) predicted that the worth of the Nigerian currency would improve against the US dollar.

Gabriel Idahosa, the President of LCCI, gave the prediction erstwhile helium addressed journalists astir the authorities of the system successful Lagos.

The chamber's president believes this complaint is achievable if the CBN reviews the existent free-floating speech rate.

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Source: Legit.ng