The Central Bank of Nigeria (CBN) has made another move to strengthen the naira by slashing the Customs FX duty rate. This decision comes after the naira appreciated for three consecutive days. The CBN reduced the exchange rate for computing Customs duties at the nation's seaports by 5.3% to N1,544.081/$ from N1,630.159/$. This change is expected to bring some relief to importers who have been struggling with high import duties and fluctuating FX rates.

Nigerian musician, Davido, took to Instagram to express his thoughts on the CBN's decision, stating, "This is a welcome move for businesses and importers. Let's hope it helps stabilize the economy." Actress and entrepreneur, Toke Makinwa, tweeted, "Finally, some good news for the economy! The CBN's decision to slash the Customs FX duty rate is a step in the right direction."

Music producer and songwriter, Don Jazzy, wrote on Instagram, "This is a positive move for the economy, but we must also focus on increasing local production and reducing our reliance on imports." Popular Nigerian blogger, Linda Ikeji, wrote, "The CBN's decision to slash the Customs FX duty rate is a welcome move, but we must also address the issue of multiple exchange rates and its impact on the economy."

Blogger and social media influencer, BellaNaija, stated, "The reduction in the Customs FX duty rate is a positive step, but we must also consider the impact of other economic factors, such as inflation and interest rates." The CBN's decision to slash the Customs FX duty rate has sparked a heated debate among economists and financial experts.

Some argue that the move will help stimulate economic growth, while others believe it will have little impact. According to a report by Naij, the CBN's decision to slash the Customs FX duty rate is expected to reduce the cost of imports and stimulate economic growth. However, the report also noted that the move may not have a significant impact on the economy due to other factors such as inflation and interest rates.

In a report by The Punch, economists warned that the CBN's decision to slash the Customs FX duty rate may not be enough to stimulate economic growth. They argued that the move must be accompanied by other economic reforms, such as reducing inflation and interest rates. The CBN's decision to slash the Customs FX duty rate has also sparked a reaction from the Manufacturers Association of Nigeria (MAN).

In a statement, the MAN commended the CBN for the move, stating that it will help reduce the cost of imports and stimulate economic growth. However, the statement also noted that the move must be accompanied by other economic reforms, such as reducing inflation and interest rates. The CBN's decision to slash the Customs FX duty rate is a welcome move for businesses and importers.

However, it remains to be seen how this change will impact the economy in the long run. As the situation continues to unfold, it's essential to consider the perspectives of all stakeholders, including celebrities, bloggers, and economic experts. Ultimately, the goal should be to create a stable and prosperous economy that benefits all Nigerians.

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