New FX Rate for Cargo Clearance Emerges at Nigerian Ports as NPA Hikes Tariffs on Imported Goods

• The Central Bank of Nigeria (CBN) has slightly  increased the Customs exchange rate for cargo clearance
• The apex bank fixed the new rate for cargo clearance at N1,499.482 from N1,498 the previous day
• This development came as the naira depreciated in the Nigerian Foreign Exchange Market (NFEM).

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 exchange rates for cargo clearance at Nigeria’s air and seaports.

The apex bank fixed the Customs rate at N1,499.482 from N1,498 the previous day. The new rate takes effect from Friday, February 7, 2025.

Naira depreciates in official window

The development came amid the depreciation of the Nigerian currency, which reverted to N1,500 in the Nigerian Foreign Exchange Market (NFEM)

It means importers will pay more to clear goods from Nigerian ports effective Friday, February 7, 2025, than those who opened Form M the previous day.

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The Nigerian currency has revered its pre-February gains after hitting a seven-month high in January on the back of a raft of policies introduced by the Central Bank of Nigeria (CBN).

The local currency hit its peak performance on Friday, January 31, 2025, when it exchanged at N1,474 per dollar.

Analysts say the naira’s gain reversal was due to the resurgence of the US dollar, which bounced back as President Donald Trump issued a series of Executive Orders targeted at increasing import tariffs.

FX reserves depreciate by $1.19 billion

They also blamed the depletion in the foreign exchange reserves for the naira’s poor performance in the FX markets.

A previous report by Legit.ng showed that Nigeria's reserves fell by $1.19 billion in January.

Data from the CBN shows that the gross FX reserves hit a high of $40.92 billion as of January 6, 2025, from $40.977 billion in December 2024.

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Experts predict further reserve depreciation

The reserves began to moderate from $40.56 billion as of January 13, 2025, to $39.723 billion as of January 31, 2025.

The decline was revealed as CBN had not published the external reserves’ position in February.

However, Financial Derivatives Company (FDC) disclosed in its outlook report that Nigeria’s gross external reserves would drop by 11.47% in 2025 to $36.21 billion in 2025 and $37.65 billion in 2026 from a high of $40.9 billion in 2024.

The company’s analysts also expect the exchange rate to average N1,586 in 2025 from N1,615 in 2024.

Economist and senior bank, Janet Ogochukwu, has predicted better days are ahead for the naira, saying that the naira will bounce back following CBN's approval to sell FX to Bureau de Change BDC) operators.

"I'm optimistic that the naira will appreciate again. The reason for the current depreciation is due to the dollar's newfound strength.

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Dollar crashes massively against naira, traders now sell at new exchange rate

Remember, the new CBN policy allows BDCs to access FX in the official window. This will improve liquidity in the market," she said.

NPA raises tariffs by 15% after 32 years

Earlier, Legit.ng reported that the Nigerian Ports Authority (NPA) received approval to raise its tariffs by 15%, the first in 32 years.

The move aimed to improve infrastructure and upgrade equipment in Nigeria’s ports. The authority disclosed this in a statement on its X page on Thursday, February 6, 2025.

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

Source: Legit.ng