The Nigerian Customs department announced today it will begin to use the rate of N285 to the dollar for the calculation of duty on all imports from Wednesday June 1, 2016.
It is a further evidence of the implicit adjustment of the value of the national currency, the Naira which had remained artificially at N199 for almost a year.
The Central Bank said after Tuesday’s meeting of the monetary policy committee that it will work out modalities for the operation of the parallel foreign exchange market in a move towards a more flexible exchange rate for the Naira.
While the market awaits the rules being put in place by the apex bank, many have been watching for signs that could help point them to the rate applicable in the interbank market.
The Customs announcement today is perhaps the clearest sign yet that the rate of exchange will be closer to N300 than the current official rate of N199 to the US dollar.
Already oil importers have been advised that the rate governing the calibration of the pump price of PMS will be N285 to the dollar for the time being.