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CBN reduces import duty exchange rate by 2.8% after several hikes in 2024

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After several upward reviews in 2024, the Central Bank of Nigeria reduced the exchange rate for computing Customs duties by 2.8 per cent on Friday.

Information, on Friday, at the official trade portal of the Nigeria Customs Service showed that the rate was reviewed downwards from N1, 515.092 to N1, 472.756 per US dollar.

The development comes as the House of Representatives members asked the CBN to peg the customs duty rate at N951.941 per US dollar to save the country from collapsing.

Similarly, the Centre for the Promotion of Private Enterprise urged the Nigerian government to peg the import duty exchange rate at 1,000 per US dollar to address the high price of goods.

Pmnews.ng recalls that the CBN had increased the exchange rate for import duties at least five times in the last six weeks.

On February 2, the CBN adjusted the exchange rate for calculating import duties from N951.941 to N1,356.883 per US dollar; on February 3, it was raised to N1,413.62/$; on February 10, it was raised to N1,417.635/$; on February 12, it was reviewed to N1, 444.56/$ and February 14, the rate has been raised to N1, 481.482/$.

The development comes amid the continued fluctuations of the Naira in the country’s foreign exchange market, which traded at N1,537.96 per US dollar on Friday.

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