Customs import duty rate falls to N1,238/$

The foreign exchange rate for Customs import duties was on Wednesday, April 10, adjusted downwards to N1,238/1$ by the Central Bank of Nigeria. 

The adjustment represents a 6.8 percent drop compared to N1,246.66/$ displayed on April 8. The recent development is below the official foreign exchange rate, which closed at N1,248.5/$ on April 9 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This is said to be part of the Central Bank of Nigeria‘s (CBN) effort to stabilise the Naira.