Again, CBN Announces Changes to Customs Forex Rate for Cargo Clearance as Naira Gains

• The Central Bank of Nigeria has again slashed the FX rate used for clearing goods at Nigerian ports
• The bank adjusted the rates as the naira continued to gain against the dollar in recent times
• The Nigerian currency has strengthened against the dollar for the past three weeks, from N1,600 to N1,406 per dollar

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The continued gain of the naira in the official and parallel markets has brought some relief to importers as the Central Bank of Nigeria (CBN) again slashed the exchange rate for Customs duties at Nigerian ports by three per cent.

The apex bank reviewed the FX duties downward from N1,448.386 per dollar to N1,405.466 on Tuesday, March 26, 2024.

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CBN adjusts Customs rates again

The development is according to data available at the official trade portal of the Nigeria Customs Service (NIS).

According to reports, as of March 25, 2024, the naira gained at the official market against the US dollar, trading at N1,408.04 at NAFEM.

The development comes as the CBN has continued to supply Forex to Bureau de Change (BDC) operators.

Legit.ng reported that the apex bank sold Forex to the BDCs at N1,252 per dollar, asking them to charge only 1.3% interest on the FX.

Importers expected to open cheaper Form M

The latest cut by CBN represents a three per cent reduction when compared to the former rate of N1,448.386 per dollar used for Form M as of Monday, March 26, 2026, and a decline of N42.92 on a dollar used to clear goods at the ports.

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With the current rate, importers opening Form M as of Tuesday, March 26, 2024, for imports will have some reprieve regarding funds needed to clear goods at the ports.

The move aligns with the CBN’s new directive that Customs should use the rate on submitting Form M to calculate import duties.

CBN sets new Customs exchange rate to clear goods

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) slashed the Nigeria Customs Service exchange rate to calculate import duties at the nation's ports.

Customs duties are taxes and levies paid on goods imported into the country.

The duties are paid through a commercial bank to the Nigeria Customs Service, which receives on behalf of the Federal Government.

Source: Legit.ng