The exchange rate for the Nigeria Customs Service (NCS) import duty collection has dropped by 10.34% in just two days from N1480\/$ to N1,327.5\/$.<\/p>\n
This represents a decline of N153.1 since May 27th, 2024, when the exchange rate for the service stood at N1,480\/$.<\/p>\n
Consequently, the current exchange rate for the customs service is the lowest recorded in the month of May so far, as the naira lost steam after becoming the best-performing currency in the world in April<\/p>\n
The decline in the customs duties exchange rate mirrors the significant appreciation of the naira in the official market. On Monday, the naira gained about 10.71% increasing from about N1,480 which it closed the last week to N1,339\/$. Though the strengthening of the Naira this week follows further aggressive monetary policy tightening by the Central Bank of Nigeria (CBN) last week.<\/p>\n
The apex bank increased the benchmark interest rate by another\u00a0150 basis points to 26.25%\u00a0during its last MPC meeting on Tuesday. The increase makes it the third consecutive MPR hike by the CBN in 2024 and adds to a cumulative 750 basis points increase in MPR just in the first half of the year.<\/p>\n
The bank had increased interest rates in February and March by 400 and 200 basis points respectively in a bid to rein in inflation and bring stability to the foreign exchange market that has seen significant volatility in the past 9 months.<\/p>\n
While the initial MPR hike by the CBN was applauded by members of the public, the recent 150 basis points have had members question the efficacy of the policy in light of the renewed depreciation of the naira and continued rise in inflation.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The exchange rate for the Nigeria Customs Service (NCS) import duty collection has dropped by 10.34% in just two days from N1480\/$ to N1,327.5\/$. This represents a decline of N153.1 since May 27th, 2024, when the exchange rate for the service stood at N1,480\/$. Consequently, the current exchange rate for the customs service is the […]<\/p>\n","protected":false},"author":27,"featured_media":33061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-33059","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\/33059","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=33059"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33059\/revisions"}],"predecessor-version":[{"id":33062,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33059\/revisions\/33062"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/33061"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=33059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=33059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=33059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}