Tensions are escalating between the Central Bank of Nigeria (CBN) and the Nigeria Customs Service (NCS) over the determination of foreign exchange (FX) rates used in calculating import duties. The CBN has doubled down on its position, underlining that the FX rate at the close of business on the date an importer submits Form M, a crucial document for importation, …

Respite appears on the horizon for Nigerians as prices of imported goods and raw materials are expected to nosedive as the Central Bank of Nigeria (CBN), on Monday, reviewed downward the Foreign Exchange on clearance of cargoes at the nation’s seaports from N1,630.159/$ to N1,544.081/$. The slash, which represents 5.3 per cent following the stability of the Naira against the …