The exchange rate for customs import duties and cargo clearance payments has increased from N1,303.85 per dollar to N1,330.36 per dollar.

The Global News reports that the new rate surpasses the official foreign exchange market rate for the Naira against the dollar.

The Naira on Tuesday closed at N1,278/$ on the official market. On the parallel market, it closed at N1,250/$1.

The assessment rate for customs import duties experienced an upward trend, peaking at N1,612.28 around mid-March. However, as of March 31st, it decreased to N1,303.85 per dollar, showing an increment of N26.52 from the previous figure.

During mid-March, the Naira started gaining value compared to the U.S. dollar, resulting in a decrease in the foreign exchange rate used for evaluating customs import duties.

In March, the Naira saw a notable increase in value, rising by about 21.8 percent. This positive change has been linked to the reforms implemented by the central bank.

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