CBN Slashes Customs FX Rates to Clear Goods at Ports after Naira Rises against Dollar

• The Central Bank of Nigeria (CBN) has cut down the foreign exchange rate for importers to clear goods at Nigeria’s ports
• The information from the Customs trade portal shows that the apex bank slashed the rate from N1,688.067 to N1,652.638 per dollar
• The development comes after the naira’s value increased against the US dollar after three days of losses

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

The Central Bank of Nigeria (CBN) has slashed the foreign exchange rate to clear goods at Nigerian ports barely 24 hours after the naira rose against the US dollar.

The naira’s value rose against the US dollar after three consecutive days of losses in the official Nigerian Autonomous Foreign Exchange Market (NAFEM).

Naira appreciates after days of losses

According to data from FMDQ Securities, the naira closed at N1,645.40 against the dollar on Wednesday, November 13, 2024.

Read also

After falling to record low, naira bounces back, appreciates by 2.6% against dollar

Wednesday's exchange rate represents N44.48 or 2.63% gain compared to Tuesday’s previous trading date when it exchanged at N1,689.88 to a dollar. 

However, the naira had a different outcome from the pound sterling and the euro in the official market. 

Data from the CBN showed that the naira improved against the pound sterling in the official market on Wednesday to N2,108.2/£1 from Tuesday's rate of N2,164.74/£1. Similarly, the naira appreciated against the euro to N1,757.2//€1, up from N1,793.43/€1 the previous day.

CBN crashes FX rates for cargo clearance

Information from the Customs trade portal shows that the apex bank slashed the rate from N1,688.067, the highest in recent times, to N1,652.638.

The development means importers opening Form M for cargo clearance will pay N35 less per dollar to clear goods at air and seaports.

The naira’s rise sends positive signals to Nigerians and investors who believe that the currency’s volatility causes the current inflation.

Read also

Naira Sets a new exchange rate in official, parallel markets as dollar supply drops

Experts move for quarterly FX rates for cargo clearance

Financial experts believe that the naira’s gain after several days of losses will usher in a crash in the prices of goods.

Janet Ogochukwu, economist and senior banker at one of the new generation banks, asked the CBN to adopt a quarterly exchange rate to enable goods and services to stabilise.

“CBN should adopt quarterly or monthly FX rates for duty clearance as it does with inflation figures. The two can be announced at the same time. The practice will stabilise prices of items and moderate inflation,” she said.

Expert projects new exchange rates for naira

Legit.ng earlier reported that Bismarck Rewane, an economist and the managing director of the financial derivatives company (FDC), predicted that the naira would strengthen further in January 2025 relative to its current rate.

Rewane disclosed this during his monthly Lagos Business Executive Breakfast Session presentation.

Read also

Naira crashes again in official window, appreciates in black market

Bismarck Rewane, an economist and the managing director of the financial derivatives company (FDC), predicted that the naira would strengthen further in January 2025 relative to its current rate. Rewane disclosed this during his monthly Lagos Business Executive Breakfast Session presentation.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng