Again, CBN Reduces Customs Exchange Rate To Clear Goods at Ports [Video]

• The Central Bank of Nigeria has set a new exchange rate to clear goods from ports and also airports
• The new exchange rate reflects the performance of the Nigerian currency in the official FX markets
• Importers will be hoping for further reduction in the coming weeks as the naira continues to improve

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has decided to reduce the exchange rate used by importers clearing goods at the ports.

According to data from Nigeria’s trade portal, importers will now pay N1,613.19 per dollar from Thursday, December 5, 2024.

The latest rate represents a N50.2 or 3.01% increase compared to the N1,663.39/$ exchange rate quoted previously as of December 2, 2024.

Customs duty, also known as …