Oddbean

No more N1,485: CBN slashes Customs exchange rate to clear goods from Monday ========== The Central Bank of Nigeria (CBN) has adjusted the exchange rate for calculating customs duty, reducing it to N1,447.965 per dollar from the previous rate of N1,485.322 per dollar. The Nigeria Customs Service (NCS) announced the new rates on Sunday, June 9, providing slight relief to businesses and importers. The NCS clarified that the fluctuations in import duty rates are not the result of their actions, but rather align with the CBN's floating foreign exchange rate regime. Experts and Peter Obi have advocated for a stable rate to bring down the inflation rate in the country. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), suggested that Customs set a quarterly exchange rate between N800/$ and N1000/$ for import duties assessment. #Cbn #ExchangeRate #CustomsDuty #NigeriaCustomsService #Importers #Businesses #InflationRate #PeterObi #MudaYusuf https://www.legit.ng/business-economy/money/1596543-good-news-importers-cbn-reduces-customs-exchange-rate-clear-goods/