The Central Bank of Nigeria has announced an increase in the import duty exchange rate to N1618.73 due to fluctuations in foreign exchange.
According to the Nigeria trade hub, the official single window for trade under the federal government, the exchange rate has risen by N18 from its previous rate of N1600.32 to the dollar.
The recent closure of the Naira at N1617.08 per dollar further prompted the revision of the import duty exchange rate to align with the Naira's position against the Dollar at the FX.
This adjustment marks the highest rate since March 2024. Despite interventions by the CBN in July, the Naira depreciated by 6.43 percent.
During this period, CBN sold FX at least three times to authorized dealers and once to Bureau de Change (BDC) operators to alleviate the significant pressure facing the Naira.
Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprises (CPPE), consistently advocated for pegging the country’s import duty exchange rate at N1000 per dollar in response to the continued Naira fluctuations.