CBN Adjusts Customs Exchange Rates to Clear Goods as Dollar Crashes against Naira

• The Central Bank of Nigeria (CBN) has adjusted the Customs exchange rates to clear cargoes at Nigeria’s ports
• Information from the Customs trade portal shows that CBN fixed the rate at N1,526.80 per dollar for cargo clearance
• This follows the gain made by the naira against the US dollar in the last few days in the foreign exchange markets

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

Amid the rallying of the Nigerian currency, the Central Bank of Nigeria (CBN) has adjusted the Nigeria Customs Exchange rates for cargo clearance.

The apex bank adjusted the rates following the crash of the US dollar and the naira’s three-day gains in the official and parallel markets.

Importers to pay higher FX rates

Data from the Customs trade portal shows that the current rate is relatively higher than the naira’s rate in the official window.

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According to the data, CBN said importers opening Form M from Wednesday, January 29, 2025, will pay N1,526.86 per dollar to clear their cargoes.

Naira on a three-day winning streak 

The development comes as the naira rebounded massively against the US dollar in the official market on Tuesday, January 28, 2025, after the Central Bank of Nigeria (CBN) launched the FX code to enhance market transparency.

This is the third day in less than a week that the naira will show strength against the US dollar, which has declined for 12 months due to Donald Trump’s policies.

Analysts praise CBN’s robust policies

Experts have praised the CBN for maintaining market liquidity via various policies to boost FX stability.

They say the local currency may have found its actual value after floating by the Nigerian market, stressing that the current rate will inspire confidence among investors.

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Janet Ogochukwu, senior banker and economist, praised the CBN for introducing policies that boosted the naira’s value in the FX market.

“The bank has continued to take steps to inspire market and investor confidence in the foreign exchange market. However, there is a huge chasm between the official and parallel rates, defeating the government’s plans to unify the markets.

“Also, the recent waiver of license renewal fees for BDCs is a game-changer for the market, and would improve liquidity”, she said.

Naira gains N11 in official market

Recently, the volatility in the FX market has thawed, leading to a stable and predictable exchange rate.

However, at the close of trading on Tuesday, January 28, 2025, the Nigerian naira closed at N1,522.68, up from N1,533 on Monday, January 27, 2025, representing a 0.71% gain.

Data from the FMDQ Exchange reveals that the dollar was quoted at a high of N1,536.50 and a low of N1,521.50.

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The naira also remained stable in the parallel segment of the forex market, trading at N1,660, the same rate as the previous day.

The CBN launched the FX code on Thursday, January 28, 2025, warning banks of severe consequences if they violate it.

Meanwhile, the gap between the parallel and official windows widened by N138 from N127 observed on Monday, January 27, 2025.

CBN launches new FX code, lists 6 benefits

Legit.ng earlier reported that CBN released a new FX Code on Monday, January 27, 2025, to boost liquidity, and transparency and guide market participants in Nigeria’s foreign exchange market.

The new code contains a set of principles recognised as good practices in the global FX exchange market.

The apex bank designed the code to address risks in Nigeria’s growing financial system while boosting the integrity and functionality of the FX market.

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

Source: Legit.ng