The Nigeria Customs Service (NCS) has reviewed the foreign exchange (FX) rate applicable to customs duties downward at N1,238.17 per dollar.

The new rate marks a 6.8 per cent reduction from the previous rate of N1,246.66 per dollar as of April 8.

This adjustment was recorded on Wednesday, positioning the customs FX rate below the official rate that closed at N1,248.5 per dollar on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The decrease in the FX rate for customs tariffs is viewed as part of a broader strategy to enhance the financial landscape, especially in the wake of the CBN’s proactive measures to fortify the national currency.

On Monday, the CBN announced a new policy in its forex sale to Bureau de Change (BDC) operators, setting the rate at N1,101 per dollar.

This move represents a significant shift from the N1,251 per dollar rate established on March 25, signalling the apex bank’s determination to control currency fluctuation and bolster the naira’s value.

Furthering its commitment to economic stabilization, the CBN has also mandated all banking institutions to cease the acceptance of foreign currency-denominated collaterals for naira loans.

This directive underscores the central bank’s broader agenda to reduce the economy’s dependency on foreign currencies and to mitigate the risks associated with currency volatility.