CBN crashes dollar for importers as free import duty for food items begins
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The Central Bank of Nigeria (CBN) reduced the cargo clearance exchange rate from N1,583 to N1,578.265 per dollar on August 18, 2024; this adjustment occurs amid a six-month duty-free import policy for essential food items initiated by the Nigerian government; the naira depreciated from N1,564.4 to N1,579.89 per dollar on August 16, 2024, marking a decline of N15.49; the volume of dollars traded in the official market fell by 22.7% to $115.23 million; the gap between the official and black market rates narrowed to N10.11 per dollar; the government is expected to lose approximately N187 billion in import duties during this period; Vice President Kashim Shettima emphasized that food reforms will positively impact the economy; the CBN's foreign reserves increased by $4 billion over the past seven months; Finance Minister Wale Edun announced a local bond issuance of $500 million set to begin on August 19, 2024.

#Cbn #Naira #ImportDuty #FoodItems #Economy #ExchangeRate #Nigeria #Customs #Finance #Inflation

https://www.legit.ng/business-economy/economy/1608903-cbn-crashes-customs-fx-rates-cargo-clearance-import-free-import-duty-window-begins/