Monday, December 23, 2024

Customs Import Duties Exchange Rate Increased by N37

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<div><p><span data-contrast="auto">The exchange rate for import duties by the Nigeria Customs Service (NCS) is going up. It's now N1549 for 1 USD according to the latest update on the customs exchange rate website. </span></p><p><span data-contrast="auto">This is N37 more than the old rate which was N1512/USD.</span></p><p><span data-contrast="auto">In June, the exchange rate was stable, but in July, it has been going up a lot. </span></p><p><span data-contrast="auto">Last month, there were five different exchange rates used. But this month, the Central Bank of Nigeria (CBN) has changed the rate seven times in just ten days.</span></p><p><span data-contrast="auto">Earlier, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms suggested setting the customs exchange rate at N800/USD until the end of the year. This would help businesses plan better and fight inflation.</span></p><h4><b><span data-contrast="auto">Naira Getting Weaker</span></b></h4><p><span data-contrast="auto">The naira, which is Nigeria's currency, has been getting weaker. Even though Nigeria's foreign reserve went up, the naira still lost value. </span></p><p><span data-contrast="auto">On July 9, 2024, the naira closed at N1532.58/USD, which is worse than the N1521/USD it was the day before. This data was shared by </span><a href="https://fmdqgroup.com/exchange/"><span data-contrast="none">FMDQ</span></a><span data-contrast="auto">.</span></p><h4><b><span data-contrast="auto">Nigeria’s Foreign Reserve Increases</span></b></h4><p><span data-contrast="auto">Recently, Newslodge reported that Nigeria's foreign reserve has increased a lot. </span></p><p><span data-contrast="auto">As of July 4, 2024, Nigeria's foreign reserve is $34.66 billion. This is the highest it has been in the last 13 months.</span></p><p><span data-contrast="auto">Last year in June, when the CBN announced an FX unification policy, the reserve was $34.66 billion too. But by the end of 2023, it went up and down around $33 billion.</span></p><p><span data-contrast="auto">By July 4, 2024, it went back up to $34.66 billion, which is the highest in over a year.</span></p><p><span data-contrast="auto">In the past few weeks, the exchange rates have been increasing, with the reserve reaching over $34 billion for the first time since April.</span></p><p><span data-contrast="auto">The reserves have kept growing in July, reaching several new highs.</span></p></div>
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