CBN Slashes FX Rates for Customs Duty as Naira Trades at New Rates in Official, Parallel Markets
- The Central Bank of Nigeria (CBN) has slashed the Customs duty rate for cargo clearance in Nigerian ports
- The CBN slashed the rates from N1,533.29 to N1,532.594 per dollar as of Wednesday, December 11, 2024
- The development follows the gain of the Nigerian currency in the official foreign exchange window
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 adjusted the Customs duty rate for cargo clearance in Nigeria’s ports.
The apex bank reviewed the Customs duty downward following the stellar performance of the Nigerian currency, the naira, in the official and parallel markets.
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CBN reduces rates for cargo clearance
Data from the Customs trade portal shows that the CBN slashed the rate from N1,533.29 to N1,532.594 as of Wednesday, December 11, 2024.
This development means that importers opening Form M for cargo clearance will pay slightly less than they did a few days earlier.
This comes as the Nigerian currency, the naira, has risen in value recently.
The naira’s mixed performance
The naira appreciated N1,525 per dollar on Tuesday, December 10, 2024.
Information from the Electronic Foreign Exchange Matching System (EFEMS) shows that the naira regained its value after crashing on Monday, December 9, 2024.
Meanwhile, the local currency crashed in the parallel market, trading at N1,6665 per dollar, down from N1,630 it traded on Monday, December 9, 2024.
Analysts have attributed the naira’s gains to several factors, including the CBN's newly introduced EFEMS, which makes FX trading more transparent and efficient.
How the EFEMS works
The new FX trading platform helps tackle speculations and improve transparency in Nigeria’s FX market.
It automatically matches buy and sell orders and promotes fairness and efficiency in forex trading.
Analysts have expressed hope about the EFEMS’ potential to curtail persistent challenges affecting the naira and Nigeria’s FX reserves.
The new platform allows authorised dealers, including banks, to place buy and sell orders in real-time. Transactions are automatically matched based on predetermined rules to ensure rapid execution and real-time visibility for participants and regulators.
BDC operators List 3 factors responsible for the dollar's crash
Legit.ng previously reported that Aminu Gwadabe, president of the Association of Bureaux de Change Operators of Nigeria (ABCON), praised the CBN for their efforts in the recent gains of the naira.
He explained that the major driver of the naira's gain is portfolio investors' confidence in the economy.
He said the oversubscription of the Nigerian Eurobond contributed immensely to the naira's newfound value.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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