Tag
FX RATE
The CEO of Rainoil Ltd, Dr. Gabriel Ogbeche has stated that the current high price of fuel in Nigeria is primarily driven by the exchange rate and not necessarily the price of crude oil in the international market.
The Naira closed September 2024 at N1,541 on the official NAFEM window, reflecting a slight improvement compared to its performance in July and August 2024.
Brent crude oil futures fell below $70 per barrel for the first time since December 2021, marking a new downturn in prices driven by strong supply, demand concerns, and widespread speculative selling.
Businesses in Nigeria say they expect the Naira to continue to depreciate in the next three months beginning from July but will begin appreciation after six months.
The Centre for the Promotion of Private Enterprise (CPPE) has warned that Nigeria risks losing cargo to neighboring countries over a high exchange rate for import duties collection by the Nigerian Customs Service (NCS).
The exchange rate for import duties collection by the Nigeria Customs Service (NCS) has risen to N1601.84/$ on the back of recent depreciation of the naira.
The exchange rate for duties collection by the Nigeria Customs Service (NCS) has risen by N3 above the official closing rate of the Naira on the NAFEM window.
The exchange rate for customs duties collection has dropped from N1516/$ to N1512/$ between the 5th of July and 7th of July 2024. This represents a decline of N4 when compared to the previous rate.
The Nigeria Customs Service exchange rate for import duties collection has risen to N1508/$- the highest in the past three months dating back to 21st March, 2024.
The foreign exchange rate for import duties collection by the Nigeria Customs Service (NCS) has stayed at N1474/$ in the last three weeks consecutively- the longest duration since January.
In the one year between May 2023 and April 2024, exchange rates gain as a constituent of the monthly FAAC allocation stood at N4.23 trillion. This represents around 20% of the total FAAC allocation to the three tiers of government during the period.
The exchange rate for customs duties collection has risen from N1467/$ to N1,480 just below the official market rate of the NAFEM window which stood at N1,482.81 to the USD.