CBN Orders Customs to Use Single Forex Rate for Imported Goods Valuation
- CBN directs Customs Service to adopt same forex rate for imported goods clearance as on date of opening Form M
- Aims to reduce uncertainties around varying daily rates when determining revenue/costs
- Applies to imports from Feb 26, 2024 onwards
- Supersedes earlier CBN Foreign Exchange Manual requirements
- CBN acknowledges initial volatility but expects greater stability medium-term