The foreign exchange rate for the Nigeria Customs Services’ (NCS) cargo clearance in ports and other goods entry points has dropped to N1260.49/$ from N1330/$ in the past few days.
This represents a decline of around N70 for cargo clearance.
The new rate reflects the closing rate on the official NAFEM window yesterday where the naira closed at N1255/$.
The CBN has recently implemented various reforms with the objective of stabilizing the forex market, curbing speculative activities, eliminating pricing irregularities, and enhancing the naira’s strength.
The alignment of the official and parallel market exchange rates is an indication of the effective application of the CBN’s foreign exchange market reforms.
