Customs cargo clearance exchange rate drops as Naira gains against US dollar

The foreign exchange rate for cargo clearance by the Nigeria Customs Services (NCS) at ports and other entry points has dropped to N1260.49/$ from N1330/$.

This represents a decline of approximately N70.

The new rate reflects the naira’s official closing rate of N1255 to the US dollar on Friday, April 5, 2024 at the official NAFEM window.

The exchange rate utilized for import duty payments on the customs portal has been decreasing over the past two weeks, reflecting the strengthening of the naira in the foreign exchange (FX) market.