The Central Bank of Nigeria has increased the import duty exchange rate to N1618.73 due to foreign exchange fluctuations.
According to the Nigeria trade hub, the federal government’s official single window for trade, the exchange rate has risen by N18 from the previous rate of N1600.32 against the Dollar.
This change came after the Naira closed at N1617.08 per Dollar last Friday.
As a result, the import duty exchange rate has been adjusted to reflect the Naira’s position against the Dollar in the FX market. This increase marks the highest rate since March 2024.
This adjustment occurred as the Naira experienced a 6.43% weakening in July despite interventions by the CBN.
During this period, the CBN intervened by selling FX at least three times to authorised dealers and once to Bureau de Change (BDC) operators as the Naira faced significant pressure.
Simultaneously, Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprises (CPPE), has consistently advocated pegging the import duty exchange rate at N1000 per Dollar due to the ongoing fluctuations of the Naira.