The Central Bank of Nigeria (CBN) has reduced Customs Duty for the fifth time in a fortnight.
Following the official announcement by the Nigeria Custom Service that cargo clearance will be determined by CBN base on the official rate on February 24, 2024.
This outcome is largely affected by the appreciation of naira over weeks after the measures implore by CBN to reduce inflate and strengthen the naira.
March 15th to 26th of March witness the subsequent decline of the naira from, 15th March 2024 N1,612/$, 16th March 2024 N1,593/$,19th March 2024- N1,572/$,23rd March 2024-N1,448/$,27th March 2024- N1,405/$.
