CBN Raises Import Duty Rate Again After Naira’s Crash Against Dollar

Following the naira’s depreciation, the Central Bank of Nigeria has raised the exchange rate for calculating import duty at Nigeria’s ports to N1,457.014 per dollar. The Customs Forex duty rate represents a three-percent hike in the rate of each dollar needed to clear

Naira Falls To N522/$1 After CBN Forex Ban On BDCs

Naira Falls To N522/$1 After CBN Forex Ban On BDCs

The naira  has lost N17 to close at N522/$1 at the parallel market, a day after the Central Bank of Nigeria (CBN) stopped dollar allocation to 5,300 licensed Bureaux De Change (BDCs). The local currency, which exchanges at N410.16/$1 at the official market,