The Nigeria Customs exchange rate is now lower than the official market rate for import duties and cargo clearance.<\/p>\n
The Nigeria Customs foreign exchange portal reveal that the exchange rate of import duties is N1246.66\/$ as against N1251\/$ with a difference of about N5 at the close of business on Friday.<\/p>\n
The decline in the customs exchange rate below the official market rate is surprising considering in the past few months, the service\u2019s exchange rate has been consistently above the official market rate.<\/p>\n
Over the past few weeks, the naira has strengthened more on the parallel market than on the official NAFEM window. This can be attributed to the CBN\u2019\u2019s decision to sell forex to Bureau De Change (BDC) operators at\u00a0N1251\/$, a little below the official market rate then. This has resulted in an alignment of the official and parallel market rate in recent times<\/p>\n
Among the \u00a0various measures CBN placed, restrictions were also placed on International Oil Companies (IOCs), allowing them to immediately repatriate only 50% of their foreign exchange profits, while requiring them to wait 90 days before transferring the remainder.<\/p>\n
Also, the central bank has imposed a ban on commercial banks, preventing them from allocating profits earned from foreign exchange transaction for operational cost including distribution of dividends.<\/p>\n
The Customs Service has acknowledged that the Central Bank of Nigeria (CBN) often modifies the exchange rate to align it with the current official market rate.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nigeria Customs exchange rate is now lower than the official market rate for import duties and cargo clearance. The Nigeria Customs foreign exchange portal reveal that the exchange rate of import duties is N1246.66\/$ as against N1251\/$ with a difference of about N5 at the close of business on Friday. The decline in the […]<\/p>\n","protected":false},"author":27,"featured_media":26451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-26450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=26450"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26450\/revisions"}],"predecessor-version":[{"id":26452,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/26450\/revisions\/26452"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/26451"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=26450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=26450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=26450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}