Customs Exchange Rate For Cargo Clearance Appreciates By 8.8%

The Nigeria Customs Service (NCS) exchange rate for the calculation of duty for imported cargoes into the country has dropped by 8.8%.

It was gathered that the exchange rate dropped from N1,277.52/$1 to N1,164.84/$, according to the latest update on the Nigeria Trade Hub.

The exchange rate, LEADERSHIP gathered, has dropped below official and parallel market rates.

The current Customs exchange rate of N1,164.8/$ is below the reported rates on both official and parallel markets.

On Saturday, the Naira closed at N1,280 to a Dollar on the unofficial window – representing a gain of 8.7% compared to the figure for Friday, which was N1,400.