Vincent Toritseju
Lagos — The Central Bank of Nigeria, CBN, has approved a reduction of Customs import duty by 0.69 percent following a new rate of N1,238.17 to one $1 from a previously approved rate of N1,246.66 to one $1.
The newly approved duty rate was observed on the Customs trade portal of Wednesday April 10th. Which also fell below.
the official foreign exchange rate, which closed at N1,248.5/$ on April 9 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria, CBN, effort to stabilise the naira.
On April 8, the apex bank announced the sales of forex to the bureau de change (BDC) operators at the rate of N1,101/$.
CBN reduced its rate for dollar allocation to BDCs from N1,251/$ announced on March 25.
To further strengthen the naira, the financial regulator also directed all banks to stop the use of foreign currency-denominated collaterals for naira loans.
Speaking on the development Vice President of the Association of Nigerian Licensed Customs Agents, ANLCA, Mr. Segun Oduntan said that the factors working against the Naira are beginning to give way adding that the Naira will continue to wax stronger as time goes on.
He said: “The craze for dollar transaction has slowed down, the Banks have reduced their dollar transactions, the the Governors who before now mopped up the Dollar whenever they get their allocation have stopped and our exports have also increased.