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Key points of the CBN circular include acknowledging market volatility and price distortions due to the liberalisation of the foreign exchange market, addressing importers’ concerns about uncertainties caused by fluctuating exchange rates affecting duty calculations.
This change reflects the CBN’s ongoing efforts to ensure that import duties accurately reflect the prevailing exchange rate.
The reduction comes after a period of relative stability in the exchange rate between the Naira and the United States dollar..
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